It covers equity-weighted investment funds traded on TEFAS. The score is built on the same analytical foundation as the stock-level SmartSkor; it is calculated by taking the SmartSkor of each holding in the fund's month-end portfolio, multiplying by that holding's weight in the fund, and summing — that is, a weighted average.

The stock-level SmartSkor measures a single stock's expected one-month-forward return. SmartFonSkor measures the aggregate quality of a fund's current portfolio — it tells you, in effect, what SmartSkor level of a single stock the fund would be equivalent to if reduced to one asset. Although both scores share the 1-to-10 scale, they are not directly comparable.

SmartFonSkor's continuity comes from the nature of the calculation: it is a weighted average, not a ranking. A fund composed mostly of SmartSkor 8 and 9 stocks will typically have a SmartFonSkor around 8.5. We deliberately do not re-normalize this number to rank funds from 1 to 10. The reason: the difference between 8.3 and 8.7 — meaningful when comparing two funds — is erased by a system that maps both to "8." That precision matters most when comparing funds with closely-spaced scores.

Funds publish their portfolio holdings at the end of each month via KAP; SmartFonSkor is updated on that monthly schedule. Using the month-end position is a deliberate design choice: the holdings a fund manager chooses to hold at month-end are a concrete reflection of their stock-selection skill and investment thinking. Between disclosures, the value does not change.

The Capital Markets Board (SPK) definition of an "equity-weighted fund" (at least 80% of assets in equities) is based on accounting positions. Some funds use derivatives heavily — index or stock-specific futures contracts. These derivative positions can amplify, reduce, or hedge the fund's true equity exposure in ways that may not be fully visible in the accounting view.

We don't exclude these funds. Instead, for funds that use derivative instruments we display a marker alongside the score. The SmartFonSkor value remains meaningful — but how much of it is driven by direct equity exposure versus derivative positions is left to the investor's own research.

Yes — the algorithm technically operates and produces a score. However, since funds that aren't equity-heavy have a score that only explains part of the fund's total return, they are treated as a separate category.

The horizontal axis shows the fund's annual expense ratio; the vertical axis shows SmartFonSkor. The four quadrants represent four profiles:

• Top-left — The target zone: High score, low fees. Your first priority for review.
• Top-right — Expensive but promising: High score, but management fees are also high. Ask whether the manager's long-term performance and strategy rationale justify the premium.
• Bottom-right — To avoid: Low score, high fees. You'd be holding a low-expectation portfolio at high cost.
• Bottom-left — Funds that act passively: Low fees and low scores. If you're paying for active management, question whether you should be; a passive index fund would deliver the same outcome at lower cost.