Collective Investment Vehicles Ontology
Reference data terms and non time dependent facts about funds and CIVs.
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accumulating share class
A share class in which there is no option to reinvest.
This fact would be determined by the fund unit having a specific Fund Distribution Policy of Accumulating.
asset class strategy
Strategy which is asset class based.
EFAMA: The type of securities or other holdings that may be invested in. FIBIM: Strategy which is asset class based. Can implement this in terms of a classification of those things. Wording implies this is a policy.
common share in fund
A share unit in a fund, which is classified as a Common Share class.
SR Review session notes: US: Closed and open ended funds may have common and preferred shares.
currency strategy
Strategy which is currency based.
distributing share class
equity fund
A fund which invests in at least 85% shares.
equity portfolio
A portfolio which has at least 85% exposure to shares.
fonds commun de placement
open-ended collective investment fund, which is a contractual form set up between the fund manager and investors and not a separate legal entity
An FCP is similar to a unit trust in the UK. FCPs are not investment companies, but more like open partnerships. They can be set up as a single fund or as an umbrella fund with multiple sub-funds, typically issued in the French-speaking countries of Europe.
FCP
fund accountant
The party that keeps accounting records of the available assets and liabilities of the Fund. It calculates dealing prices, the Net Asset Value (NAV) of the Fund, and may provide fund performance and tax data. Can be subcontracted by the FundAdministrator.
fund bond class unit
A fund unit which takes the form of debt in that fund.
From EFAMA Review: called denominations e.g. issued in $5000 pieces. You cannot buy fractional amounts in a bond.
fund bond unit coupon
A fixed coupon paid out to holders of the Fund Bond Unit.
fund cash distribution policy
Policy for distribution of cash dividends or notes in the event that the fund units have a distribution policy of "Cash" rather than "Reinvestment".
fund classification
The category of the fund according to the asset class. This is a published code by which the Fund is classified. Further notes: Could be EFCF codes. This is the way in which "Type of fund" is articulated.
fund classification scheme
A published scheme for the category of a fund according to the asset class.
fund coupon policy
Terms for the expected distribution of bond unit coupons.
fund depositary
The party that holds and safeguards holdings owned by a fund. It is also responsible for compliance of the portfolio with legal ratios etc.
The depository may delegate custody to another entity (custodian). Definition origin:EFAMA DD
fund distribution policy
policy indicating the overall strategy or limitations on distribution for the fund
Note that individual classes of Fund Unit also have specific distribution polcies as they effect that class of unit. This class is for terms with wording of the form: " ... whether or not it is possible to hold shares ..." for a given parameter.
fund distributor
an entity through which a fund may be bought by or for an investor. This may be on a discretionary or advisory basis, or as an execution-only service. Definition origin:EFAMA DD
fund dividend policy
Terms for the expected distributions of dividends.
fund investment objective
The aim of a Fund e.g outperfom a given benchmark.
This could be broken down into other terms that can be itemised here, that are not in the EFAMA DD explicitly. Examples may include: - Risk level - Return - Exposure to different markets
fund investment policy
policy that the fund implements in order to achieve the stated fund objectives
EFAMA Note: Model distinguishes between strategy (what you intend to invest in) and portfolio structure (what is held). This semantics matches the EFAMA DD "Fund Investment Policy" No stated definition in EFAMA DD ("Further discussion required").
fund legal form documentation
For a fund which is constituted under the law of contract, the constitution or articles that define the fund. These are embodied in a Contract.
From ISO FIBIM "Umbrella Fund" narrative: In securities, a collective investment scheme that has a contractual or a corporate form. When it has a contractual form, a fund is constituted under either the law of contract or under the trust law and thus it is not a legal entity. In its corporate form, a fund is a legal entity and is structured as a company.
fund order desk
The Fund Order Desk is a party to the Fund Order Desk Account.
This party would presumably be identified as the Fund Management Company in terms of what legal entity fulcils this role? to be determined at further review.
fund portfolio
An account containing a number of financial instruments along with cash positions in one or more currencies and belonging to a Fund
fund portfolio investment limitations
Detailed Policy on approximately how the portfolio is to be allocated to achieve the stated investment goals. This underpins the detailed strategy of how to achieve this.
Defined as "Strategy" in FIBIM and elsewhere. WG11: Rough allocation of the portfolio.
fund portfolio investment policy
policy with respect to allocation of the portfolio that is designed to meet the stated investment strategy and goals
ISO FIBIM: Rough allocation of the portfolio.
fund processing general terms
Formal terms for general processing of the fund. These set out what the investor and the fund may or may not do.
fund processing terms
Formal terms for processing of the fund. These set out what the investor and the fund may or may not do. These include terms for redemption and subscription processing as well as general processing terms. ISO FIBIM definition: Processing characteristics linked to the instrument, ie, not to the market.
These include Fund Subscription Terms, Fund Redemption Terms. and terms which relate to general processing and restrictions or otherwise on the holder. FPP notes: FPP presentation identifies many of these terms under the heading of Valuation Dealing characteristics. May need to revise which goes where in line with FPP. See also terms under NAV Valuation Calculation Method. Others of these terms appear in FPP under Instrument Restrictions. These cover the subscription, redemption and holding amounts and units and minimum holding period.
fund redemption restriction
fund redemption terms
Formal terms for redemption of units in the fund. These set out what the investor and the fund may or may not do.
fund reinvestment policy
Terms for the expected reinvestment of profits on fund units.
fund share class unit
The legal structure in which you can purchase part of an investment pool, defined by a variety of characteristics like investor type, minimum size of investment, distribution type, fee and currency. A fund unit which gives the holder an equity stake in the fund.
From review sessions: Theoretically you can buy a fraction of a share in a fund. This would depend on the legal structure of the fund, e.g. a minimum investment. There is always a distribution plan.
fund subscription terms
Subscription terms for the fund. Further notes: ISO FIBIM, EFAMA DD and FPP combine terms for subscription, redemption and general holding requirements. These have been separated here as they are different kinds of term, but this can be reviewed. Subscription Terms are identified as terms of the fund and not the fund unit, since terms for how you might subscribe can't be binding one someone who has not yet subscribed.
fund supervisory authority
party that supervises the fund or fund industry
fund transfer agent
An entity that undertakes the execution of subscription, redemption and switch orders on behalf of a fund. Definition origin:EFAMA DD
fund unit distribution method
The normal distribution policy for funds.
fund unit distribution policy
policy relating to the unit, e.g. if income is paid out or retained in the fund and how this is treated, including distribution policy details for dividends and coupons.
funds cash distribution
Accrued income is distributed periodically to the investor.
funds processing
The context of managing and processing funds, issuing funds units etc. This is the context in which the different parties involved in a fund are defined as parties.
funds processing account
An account used specifically in the processing of funds. Like all accounts this is (per FIBIM definition) a business relationship between two entities; one entity is the account owner, the other entity is the account servicer. Please refer to Financial global model for treatment of accounts relationships in this model.
Derived from FIBIM definition for "Account", which is: "Business relationship between two entities; one entity is the account owner, the other entity is the account servicer." this corresponds to the Global Terms definition for Account.
funds processing party
party involved in the processing of funds
income accumulation
Accrued income is not distributed and instead remains reflected within the unit/share price.
fund investment restrictions set
Limitations that apply to the fund as a whole, such as risk factors. these are used to determine whether the fund is appropriate for a given type of investor to invest in.
These are defined by the overall Fund investment policy. Not the same as the detailed policies for investing in percentages of this or that.
investment strategy
plan, method, or series of maneuvers or stratagems for obtaining a specific investment goal
jurisdiction strategy
Strategy which is jurisdiction based.
short document that provides critical information for investors, summarizing content derived from a prospectus such that it can be understood by investors without reference to other documents, as required by law in the European Union
Key investor information shall include appropriate information about the essential characteristics of the UCITS concerned, which is to be provided to investors so that they are reasonably able to understand the nature and the risks of the investment product that is being offered to them and, consequently, to take investment decisions on an informed basis.
net asset value calculation method
Parameters for the calculation of the net asset value for an investment fund/fund class.
These terms were in the ISO FIBIM model but correspond to some details in the EFAMA DD.
pooled investment vehicle that issues debt instruments (notes) to investors rather than (or in addition to) traditional equity interests
The notes issued by a note fund are typically privately rated by agencies like KBRA, DBRS, or Moody's, tranched into senior and junior classes, and linked to underlying assets such as private loans, credit instruments, or structured products. Note funds are designed to optimize regulatory capital treatment, especially for insurance companies, by offering rated debt instead of equity.
investment interest in a fund that issues notes rather than traditional equity, in cases where the fund is structured as a company
A note fund share refers to an equity or debt-linked interest in a corporate fund vehicle that issues notes.
investment interest in a fund that issues notes rather than traditional equity, in cases where the fund is structured as a trust, partnership, or unitized fund
A note fund unit refers to a non-equity interest in a fund that issues rated notes and is organized as a unit trust or limited partnership.
organization strategy
Strategy which is organization based.
other investment fund information
Things which are not part of the prospectus but are important if you want to understand the fund.
See terms in EFAMA spreadsheet. These are properties of the fund but are not legally binding. Author follow-up note: I have managed to find a "home" for disposition for most of the entries that are in the spreadsheet. It is not clear which of the spreadsheet terms are indended to come under the general heading in this class. The first place I would look is in the terms I have defined as "Fund Processing Terms", which are defined as formal, legal contractual terms. If any of those are not legally binding on some party, then this is where they belong instead.
portfolio benchmark
Security or other price against which the performance of the portfolio is evaluated.
portfolio investment strategy
The manner in which the portfolio manager tries to reach the funds objectives.
Describes how you get there. E.g fully invested v not fully invested. MB Note: The terms labeled "Strategy" in EFAMA and in FIBIM are more like dictionary definition of policy, while "How you get there" is a dictionary definition of Strategy. Therefore original labels may be reversed from dictionary definition of the global semantics these are derived from.
preferred share in fund
private equity holding
A holding of private equity.
real estate holding
tangible asset consisting of real estate that is owned or controlled by an individual, organization, or entity for investment, operational, or strategic purposes
refer to fund order desk
Restriction requiring an investor to refer to the fund order desk prior to redeeming a fund.
While it's unclear from original data models, it's likely that this restriction is actually to learn from the fund order desk of any other individual kinds of restriction that will apply. This is itself treated as a kind of restriction here.
risk level
s i c a f
A French fund vehicle type. Designation and definition needed.
s i c a v
Societe Collective a Capital Variable
sector strategy
Strategy which is sector based.
unit issuer
The party which issues the Fund Unit.
accounting year end date
Last day of the accounting year for the fund.
additional restrictions
Other restrictions or treatment information in respect of this strategy and the organization to which it refers.
administered by
advised by
assessed against
authorized country
Country in which it is authorised to commercialise the fund.
back end load applicable
Whether an exit charge, eg, CDSC, on redemption orders for this class can be applied.
benchmark weight
Instrument weighting in the benchmark for the portfolio.
blacklisted
Whether or not the strategy in framed so as to include the referenced business entity as being blacklisted. If yes, the strategy prevents investment in securities issued by that organization.
clear funds required
Whether cleared funds may be required before a subscription order can be executed.
coupon payment date
The date at which the coupon is distributed to the bond unit holder.
dealing frequency description
Description of frequency at which the subscriptions and redemptions are done.
declaration channel
Means of the net asset value publication, eg, a newspaper.
defined in relation to
defines allocations
defines benchmark
defines main fund order desk account
distributed by
distribution with reinvestment
It is possible to hold shares for which the accrued income is distributed, but then reinvested automatically in additional units/shares allocated to the investor.
dual fund
Whether the fund has two prices.
end of fiscal year
Day and month on any given year at which the books are closed and profit and loss is determined.
ex coupon date
The date at which the coupon is substracted from the NAV
first accounting year end date
Last day of the first accounting year for the fund.
first n a v calculation date
The first date of NAV calculation
front end load applicable
Whether a front end charge on subscription orders for this class can be applied.
fund class type identifier
A textual identification of the class of fund units. This is used to uniquely identify a particular class of fund units, and thereby identify features of this type of unit within the fund.
fund has related party
has additional information
has additional redemption restrictions
has auditor
has data provider
has an organization which is the data provider and is legally responsible for the information provided
has default settlement convention
has depository
has details
Information on the net asset value calculation of the investment fund component.
has expected coupon
has fund policy
Overall policy for amounts invested, limitations etc. Not the same as the detailed Portfolio policy.
has fund processing terms
has intended risk level
strategy
has issue date
Date of first NAV calculation and start of performance calculations (same as launch date)
has management company
has policy terms
has portfolio
has related fund terms
has related terms
has subscription terms
has tradable unit
has transfer agent
historic pricing indicator
Indicates whether the price is historic or forward.
holder may reinvest
Whether or not the holder may reinvest dividends in the fund.
holding transferable
Whether registered investors are able to transfer some or all of their holdings to third parties.
identifies asset types by
implements fund policy
inception date
Authorization date in the country of origin.
Authorization date in the country of origin. Further Notes See definition in Inception Date for Fund. Separate fact exists here. Same definition used. EFAMA Review notes: Inception Date exists as soon as there is a prospectus, so it is a fact about a Share Class even if the share class is never formally issued or offered to the public. Legal structure exists even if something is not launched. Editor question: Review stated this was a fact about Share Class; confirm this fact does not apply to Bond and Note units, or was the term Share Class being used to mean all three? Meanwhile I have put the term "Issue Date" as a fact about all Fund Unit, as this is given a sa separate term in the EFAMA DD spreadsheet. MAy come clearer in the next version of that.
include related firms
Whether or not the strategy includes firms which are related in some way to the referenced organization.
inclusion
Whether the referred strategy is included. No means this description refers to the exclusion of what is described, from the portfolio.
initial application form
Physical application form for the initial subscription by the investor.
investment focus
The information about the area the fund is mostly invested into (for example stock market in Germany).
is calculated in
is unit holder
issue price
The price at which the Fund Unit was first issued.
launch date
Date of first NAV calculation and start of performance calculations
limited shares are issued
Whether or not new shares can be issued in the fund. This is what makes it a closed end or open end fund.
main fund order desk
Whether the fund order desk is the principal entity appointed by the fund to which orders should be submitted.
maximum deviation
Maximum allowable deviation from the benchmark.
maximum investment amount
Maximum amount that may be invested in the specified strategy.
maximum investment percentage
Maximum percentage that may be invested in the specified strategy.
maximum purchasing fee
Maximum percentage or fixed amount of money due when purchasing fund shares Definition origin:EFAMA DD
maximum redemption amount
Maximum quantity of securities, expressed as an amount that can be sold.
maximum redemption fee
Maximum percentage or fixed amount of money due when redeeming fund shares Definition origin:EFAMA DD
maximum redemption percentage
Maximum quantity of securities, expressed as a percentage that can be sold.
maximum redemption units
Maximum number of shares/units that may be redeemed on a single dealing day.
may also be
The unit issuer would be the fund administrator (except when it is a Bond).
minimum deviation
Minimum allowable deviation from the benchmark.
minimum holding period
Period, in days, during which the units/shares must be held following their issue before redemption will be permitted.
minimum initial subscription amount
Minimum initial subscription value.
minimum initial subscription units
Minimum initial number of units/shares that must be purchased.
minimum investment amount
Minimum amount that has to be invested in the specified strategy.
minimum investment percentage
Minimum percentage that has to be invested in the specified strategy.
minimum rating restriction
The minimum rating of securities to be invested in.
minimum remaining holding amount
Minimum value of units/shares that must be retained to avoid automatic redemption.
minimum remaining holding units
Minimum number of units/shares that must be retained to avoid automatic redemption.
minimum subscription amount
Minimum subscription value for existing investors.
minimum subscription units
Minimum number of units/shares that must be purchased by existing investors.
name
Name of the investment fund.
Name given to the defined strategy.
outlines
percentage invested
The percentage of funds that is to be invested at any given time.
performance fee
Fees paid for the achivements of predefined outperformance objectives Definition origin:EFAMA DD
physical document required
Whether a phsyical form is required through the main fund order desk. Yes: A phsyical form is required through the main fund order desk. No: A phsyical form is not required through the main fund order desk.
processing country
Country in which the processing characteristic applies.
product group description
Company specific description of a group of funds.
provides depositary service for
purchasing fee
Actual percentage or fixed amount of money due when purchasing fund shares Definition origin:EFAMA DD
redemption cutoff date time
Last date/time at which an order to redeem can be given.
redemption cycle in business days
The last business day following the day on which a redemption order is priced (T) by which settlement will be due for orders placed with the main Fund Order Desk. Alternatively, if proceeds will be paid following receipt of written renunciation, the last business day following receipt of the relevant renunciation documentation by the main Fund Order Desk (R) by which the proceeds will be sent.
redemption dealing frequency
Frequency at which the redemptions are done.
redemption fee
Actual percentage or fixed amount of money due when redeeming fund shares Definition origin:EFAMA DD
redemption form
Physical written instruction/renunciation form for redemption of units/shares by the investor.
redemption in amount allowed
Whether redemptions in amount are allowed.
redemption period
Specific period, eg, for some guaranteed funds, during which the units/shares may be redeemed.
registration date
The date at which the fund is legally approved in a country other than the country of origin.
reinvestment frequency
For units where there is Reinvestment distribution, the frequency with which the reinvestment takes place (this will be the same or less frequently than the Dividend Payment Frequency), otherwise this fact does not apply.
signature required
Whether a phsyical form with the investor's written signature is required through the main fund order desk. Yes:A phsyical form with the investor's written signature is required through the main fund order desk.
stated distribution fee
stated in
stated investment aim
The stated aim of the Fund in words, e.g outperfom a given benchmark.
stated management fee
The fee that is stated in the Prospectus as being what is to be charged for management. Further notes: Can be monetary amount or a percentage or a combination. Action: simple type is wrong.
stated objective
The stated objective of the fund, in words.
stipulates benchmark
subscription cutoff date time
Last date/time at which an order to subscribe can be given.
subscription dealing frequency
Frequency at which the subscriptions are done.
subscription period
Specific period, eg, for some guaranteed funds, during which the units/shares may be subscribed to.
subscriptions in amount allowed
Whether subscriptions in amount are allowed.
subsequent application form
Physical application form for subsequent investments by the same investor.
supervised by
switching chargeable
Whether a switching charge for changing between sub-funds of the same umbrella can be applied.
switching fee
Actual percentage or fixed amount of money due when switching to another fund. Definition origin:EFAMA DD
tracking error
See RiskFactors narrative in EFAMA DD
type of securities
The type of securities or other holdings that may be invested in.
valuation frequency
Frequency of the net asset value calculation.
valuation frequency textual description
Description of the frequency of the net asset value calculation.
value at risk
See RiskClassification_NameOf in EFAMA DD Applies to Fund not Portfolio.
If it is a closed fund, you can still trade the units. You trade back with the fund. Not with a counterparty. Therefore this is a tradable contract, though it may not necessarily be a transferable contract.
From EFAMA DD: The word fund can refer to either an investment pool, umbrella or share class, and is commonly refered to as a collective investment vehicle (can have ISIN or not). The meaning here is for the investment pool (of which an Umbrella fund is also one such) and not to the share class.
EFAMA Review description for this: The fund is issued with a prospectus; there is material in the prospectus that is binding; material that is expected but not binding, and information that may or may not be in the prospectus or a given fund.
This document includes facts about the fund investment objective, investment focus and other details of the fund. Some of this information becomes binding on the fund once it is issued, while other information is guidelines only.