Performance is measured by sorting expected returns from lowest to highest. The population includes roughly the largest 3,000 European stocks plus additional stocks that are in the Stoxx 600 index plus stocks that are requested by individual clients. Then we divide the list into 10 groupings, or deciles. So, assuming, in a given month, there are 3,000 companies in the universe, decile 1 (lowest expected return) would have 300 stocks..
