Performance screening criteria

A weighted score was given to each fund's percentile ranking within its sector over each of the three discrete years to 31 March 2011.

There is a 20% weighting to the percentile ranking during the 12 months to 31 March 2009, 30% to 31 March 2010, and 40% to the period to 31st March 2011.

In addition, a 10% weighting was given to the fund's Sortino ratio to give an indication of relative risk.

The four separate figures were added together to give a single number, with the highest possible score being 1,000.

Any fund with assets of less than £15m as of 31 March 2011 were stripped out; where the manager has a record of less than three years on that portfolio; if the fund is aimed only at institutional or charities investors, or was not in the top half of its peer group over the 12 months to 31 March, 2011.

The funds covered are UK authorised and FSA-recognised with distributor status.

Shortlisted funds are finally asked to respond to a questionnaire on why they should win which will add a qualitative element to the judging process.

Statistics provided by Financial Express/Trustnet; Lipper, and Morningstar.

View the background to the awards here.

View the judging panel here.