Portfolio File Overview
This article takes a closer look at the Portfolios file and set up of the company structure which is an essential part of the FundApps implementation process.
- Aggregation Level
- Aggregation Structure
- Required vs. Optional
The company structure determines how the rules engine aggregates positions and at which level the rules will trigger potential disclosures.
Like with almost everything else in FundApps the company structure can be set up directly in the UI via Main Menu - Portfolios. This is the preferred method when monitoring a handful of funds/accounts that all aggregate up to one legal entity (manager).
However, for complex structures, we recommend importing this structure in our specified file format. This article describes the format and the properties that should be included when setting up the file.
Please abstain from using special characters in the PortfolioId. In particular, leading or trailing special characters can lead to validation errors.
The Entities and portfolios you will set up in the system will determine the aggregation level. This will dictate at which legal entity you need to make a filing or complete calculations.
Entity is defined as the legal structure which has legal title, voting discretion, and/or management discretion over the portfolios.
Portfolio is a vehicle that holds assets directly. It usually falls within the below four categories:
- Grouping of assets that represent a single portfolio (separately managed account) or fund, (usually with a specific investment objective)
- For sub-funds of UCITS umbrella or another commingled fund group with an overarching legal personality, each sub-fund should be delivered as a separate portfolio.
- A portfolio might have a legal personality (e.g single UCITS fund, Partnership, LLC) or not (e.g separately managed account)
- A portfolio might represent one individual/institution, or might represent a fund (collective investment scheme)
The most important aspect of the Portfolio File is aggregation. The aggregation is modelled in the file in the columns called LegalParentID, VotingParentID, and ManagementParentID (for detail on what the Management, Voting, and Legal structures represent, please see the article: FundApps Aggregation Framework). This column dictates which assets/portfolios should aggregate up to which entities/managers. It is further used to model corporate structures.
The setup uses PortfolioId to specify which entity a portfolio should aggregate up to, i.e. the parent of the portfolio. An example of the setup is displayed below:
When uploading this file to FundApps, the aggregation structure will look like the following.
It is important that the aggregation structure is set up correctly, as this determines at which level the disclosures will trigger. See the article: FundApps Aggregation Framework for further details.
For a deeper description of the values accepted for these properties, please see our documentation page here.
When setting up a portfolio please note a live portfolio should have at least one Entity ParentId or DelegatorParentId.
Required vs. Optional
When modelling the company structure, the columns in the first figure are sufficient. These columns (except RuleFolders) are required for the file to pass the FundApps validation procedure and successfully upload.
However, there are also "Rule Properties" and "Form Properties" that should be set to enable the full functionality of the FundApps engine and document generator. These can be set up in the UI by viewing the portfolio details under the tabs displayed below.
The Rule Properties and Form Properties can also be uploaded in the portfolio file. Uploading them in the file is simple - you should create a column in the .csv file with the name displayed in FundApps and fill in the information in this column.
Here is an example of a portfolio file. As the portfolios file is in .csv format, the ordering of the columns does not matter (e.g. if PortfolioName was sorted before PortfolioId). Portfolios can only be uploaded via the Portfolios screen by selecting Import and cannot be uploaded via Admin > Upload > Upload Positions.
When a portfolio, umbrella or entity property is updated in the UI, what will get overwritten when a portfolio csv file is subsequently uploaded?
- If the portfolio file csv has a value populated for the same property [non blank value], the value you set in the UI will be overwritten by that in the portfolio file.
- If the property set in the UI is populated as an empty cell in the portfolio file, the value you have set in the UI will persist and not be overwritten if you upload a portfolio file csv.
- If the property set in the UI is not referenced at all in the portfolio file then the value you have set in the UI will persist and not get overwritten if you upload a portfolio file csv.
Generic rule: A property populated with an empty cell OR not referenced at all in the portfolios file, will not overwrite the property value that had been set by users in the UI.