Overview
FundApps will display either an empty assets table when the assets from the previous result are no longer contributing to the current result. This may happen because the assets were sold, moved out of scope for the rule, or the overall position changed (for example, from net short to net long under the Short Selling Regulation (SSR) or due to a change in MarketsListedIn).
Sold Assets vs Out-of-Scope Assets
A Show Sold Assets toggle will display any time there are "sold out" assets, including when the result has changed because of a "sold out" asset.
It’s important to note that this does not show anything about the assets in the current file upload, so it’s possible that those assets are still held today (but are now out of the rule's scope) or that new out-of-scope assets are held. Instead, the results table shows the assets that were in yesterday's result, with the quantity set to zero. While this is a good way to identify which assets have fallen out of scope, it doesn't confirm what has changed about those assets.
Those assets may have truly been sold. But they could also have fallen outside the rule's scope. If there is any confusion, check the aggregated assets for the relevant entity on the Entity Assets page.
Portfolios & Entities > Last Data.
Please make sure to select the correct date once on the Entity Assets page, choose the appropriate aggregation structure for the rule in question, and set the filter option to Include Lookthroughs (if the rule includes lookthroughs).
An Example
Day 1:
The result is a net short position under the SSR EU Equity: Finland rule, with only one asset.
Day 2:
The next day, a zero-value result is generated for this issuer. The short asset is still held, but a new long position was recently added, making them net long now.
Day 3:
The client was back to net short with a long asset also present.
On Day 2, the asset table for the result did not show the long assets because they were not in the Day 1 result.
The Entity Assets via the Portfolios & Entities page is an important tool for verifying a position. If there is any confusion regarding why a zero result was triggered, any net long position can be confirmed by looking at the Entity Assets screen.