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Archive » May 2025 » The representation of performance in Italian pension funds: readability and comparability in the information notes

The representation of performance in Italian pension funds: readability and comparability in the information notes

Gian Marco Chiesi, Mario Valletta, Paola Zocchi
May 2025 - n. 5
Keywords: Leggibilità, comparabilità, note informative, fondi pensione aperti
Jel codes: G23, G11

The article focuses on the readability and comparability profiles of the key official document of Italian open pension funds with specific reference to the representation of performance. The topic is investigated through two different methodological approaches: by analyzing data relating to a sample of 206 investment lines and through a survey within a focus group of potential investors. The results show that the current representation based on the comparison between fund performance and relative benchmarks makes it difficult to frame the performance within the general market trends and does not allow an easy comparison of the results obtained by different funds. The responses obtained within the focus group also highlight that the type of information and the graphical representation provided influence the preferences of potential investors. Alternative graphical models could improve the clarity and comparability of the information notes.

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