By definition, the Premier League is a meritocracy, because the best team finishes top, the worst ends up bottom, and it is purely measured on performance.
So, over the course of a season, fans have a good idea of success and failure. Of course, some fans choose a different metric to define a season – not being relegated, getting a Champions League place, winning a trophy. Or it could be more qualitative – the brand of football. Arsenal play great football most seasons but do not win anything, and for a group of fans this is enough. Anyway, this is not a column about football. It is about fund performance and ‘league tables’ of fund performance. A number of the consumer-facing fund distributors rely on performance tables as a way of m...
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