Overview
FundApps has various ways of showing the same number: they can be rounded or truncated at various levels of decimal places. However, FundApps will always store and use the full number (capped at 21 decimal places) to calculate values for rules (without rounding/truncation). Hence, the way we round or truncate numbers on certain pages will not affect how we show the figures for the actual disclosure forms. This article will explore different pages in FundApps and the methods they use to show the numbers.
All Results Page - Truncated to 3 Decimal Places
The values here are truncated to 3 decimal places because rounding could potentially misrepresent the real result. For example, an original value of 4.9995% would be truncated to 4.999% (not rounded to 5.000%), which could potentially confuse the user into believing that a threshold would have been crossed.
For rule calculation, FundApps uses the actual value to determine whether a threshold has been crossed. The value is truncated in the UI for ease of viewing.
Result Details Popup - Truncated to 5 Decimal Places
When clicking through to the Result Details screen to see more details about a particular result, FundApps will show the percentage with 5 decimal places truncated.
Historical Evolution Chart - Rounded to 3 Decimal Places
The value shown within the result chart has been rounded to 3 decimal places. When the mouse hovers over a particular NAV date, this is to 5 decimal places, which aligns with the figure shown in the Result Details popup above.
Disclosure Documents - Various Rules
The rounding/truncating on disclosure documents depends on the specific jurisdiction's requirements.
For example, the Short Japan rule generates an Excel file containing a column entitled, "空売り残高割合 Ratio of Short Positions to Shares Outstanding." We populate that with PercentTotalSharesOutstanding which has been truncated to 2 decimal places, while the column entitled "空売り残高数量 Number of Short Positions in Shares", is populated with the equivalent shares calculation with no decimals since the column is concerned only with the number of shares, rather than a percentage!
In other forms, such as the SSR Equity Ireland, we populate the section for "% Of Issued Share" with the calculation for PercentTotalSharesOutstanding, rounded to two decimal places, as per the regulator's instruction on the form.
Lastly, in Form 8.3 for the UK Takeover rule, we populate the percentages with two decimal places truncated, as we have confirmed directly with the takeover panel.