reference benchmark - When a fund does not have a<a href="https://quoteddata.com/glossary/benchmark/"> benchmark</a>, <a href="https://quoteddata.com/glossary/investment-company/">investment companies</a> and <a href="https://quoteddata.com/glossary/investment-manager/">investment managers</a> offer reference or a <a href="https://quoteddata.com/glossary/comparitor/">comparitor</a> benchmark.

This helps investors / shareholders appreciate how the <a href="https://quoteddata.com/glossary/nav/">NAV</a> and share prices have done and helps put that performance into context.

Funds that do not have a benchmark index are often <a href="https://quoteddata.com/glossary/absolute-return/">absolute return</a> funds, a <a href="https://quoteddata.com/glossary/total-return/">total return </a>funds or pure unfettered stock picking funds.