How Nyra rates every PMS & AIF.
A single number from 0 to 10, measured against published absolute standards, not graded on a curve. This page publishes the entire method: every pillar, every weight, every band. Nothing is hidden, and nothing is for sale.
The median strategy scores 4.9.
Universe and ratings as of 30 June 2026 · recalculated monthly · methodology version 1.1, effective 1 July 2026
One number, honestly earned.
Two strategies quoting the same CAGR can be nothing alike: different horizons, different benchmarks, risk buried on the last page of a factsheet. The Nyra Score collapses that mess into a comparable number.
Most of the number comes from absolute standards that do not move. A strategy that beats its benchmark by two points a year over three years scores the same whether its category was strong or dismal. Only the parts that genuinely depend on context (how much volatility or drawdown is normal for the asset class) are measured against peers.
A rating built purely on peer ranking will always crown a top 10% in every category, including categories where the median fund lost to its own benchmark. Nyra will not.
- Not a prediction.
Every metric is backward-looking. Past performance does not indicate future returns.
- Not a recommendation.
A 9.2 strategy can be completely wrong for your risk profile, horizon or tax position. Suitability is a separate question, and Nyra handles it separately.
- Not like-for-like across asset classes.
A 7.5 small-cap PMS and a 7.5 debt PMS each cleared the same evidential bar, but the risk taken to get there is completely different.
Five pillars, fixed weights.
Return Performance
Excess return over the strategy's stated benchmark across 1, 3 and 5 years, weighted toward the longer horizons.
Risk-Adjusted Return
Sharpe and Sortino ratios. Reward per unit of total risk, and per unit of downside risk.
Downside Protection
Maximum drawdown, volatility and beta. How much of the fall a strategy handed to its investors.
Consistency
How often the strategy beat its benchmark across horizons, and how stable that outperformance was.
Structure & Stewardship
Track record length, asset base, portfolio diversification, cash drag and fee alignment.
Seventeen metrics feed the five pillars. Seven anchored metrics, scored against fixed published scales, carry 55% of the total weight; the other ten score within the peer group.
Five bands. Absolute meanings, not quotas.
Clears a high absolute bar on returns, risk and consistency together.
Materially ahead of its benchmark with the risk metrics to support it.
Modestly ahead of benchmark, or strong on some pillars and ordinary on others.
Roughly matching or trailing its own benchmark once risk is accounted for.
Persistently behind its benchmark on the weighted evidence.
Elite is not the highest-return band: it is the band where returns, risk control and consistency are all strong at once. A strategy can post enormous outperformance and still fall short of Elite if it did so with a drawdown its peers avoided.
How the number is actually built.
Assign the peer group
Every strategy is placed with its true peers by asset class and category, so the context-dependent metrics compare like with like.
Score each metric out of 10
Seven anchored metrics score against fixed published scales that apply identically everywhere; ten context metrics score as percentiles within the peer group. The anchors carry 55% of the total weight.
Roll metrics into pillar scores
Each pillar is the weighted average of its available metric scores, renormalised over what could be computed. A pillar with less than 20% of its weight available is dropped.
Combine into the Nyra Score
The five pillar scores combine at their published weights. If less than half the total weight can be computed from disclosed data, the strategy is shown as Not Rated instead of guessed at.
Apply the evidence ceilings
Short track records and thin disclosure cap the maximum score a strategy can reach. Strong numbers on weak evidence do not outrank strong numbers on strong evidence.
A strategy is shown as Not Rated when it has less than 12 months of track record, or when less than half the scoring weight can be computed from disclosed data. It is a statement about the evidence available, not a judgement on the strategy. Nyra still shows you every number the fund does disclose.
Every score, one conversation away.
Ask Nyra why any strategy scored what it did. She answers with the pillar breakdown and cites her sources.
The methodology, interrogated.
Because Elite is a bar, not a quota. A strategy has to be strong on returns, risk-adjusted returns, downside protection and consistency simultaneously; a single outstanding pillar will not do it. If a rating scale awards its top grade to 15% of everything, the grade carries no information.
The Nyra Score is backward-looking evidence: not a prediction, not a recommendation, and not a like-for-like across asset classes.