Unknowns and Missing Data Alerts Where the Root Cause Is Not Obvious

Overview

Unknown alerts often arise from incomplete data or missing portfolio attributes. You may also encounter errors that are caused by undefined issues with scarce guidance on their resolution.

We strongly recommend that all our clients promptly address these uncertainties. Neglecting them could result in overlooked disclosures, uncomfortable conversations with regulatory bodies, and overall dissatisfaction.

If you receive an Unknown result and you are not clear about how to resolve it, please contact FundApps Support as soon as possible.

Unknowns: Rules with Pre-Conditions

Unknowns can occur if there is missing data for rules that have pre-conditions.

Reason: 1 error occurred: The GetRuleValue function found Unknown results within the group 'XYZ' for the rule 'MajorCA-IR-Pre'.

To resolve such Unknowns, you may have to navigate to the previous NavDate for that issuer to identify and resolve what is missing. For example, on July 2nd, I saw the Undefined Error for Canada Insider Report rule for Nokia. To resolve this, navigate to July 1st (or the first day you started trading Nokia), and it will show the missing property. Once you resolve that missing data point, the undefined issue should go away.

Other Common Missing Data

Some properties are not referenced in our Technical Documentation or are a Portfolio attribute like OriginalPortfolioInvestmentManager13F. Here's a quick guide on how to fix them:

Missing Property

Root Cause

IssuerLimitReportingName

VotesPerShare is missing 

CountryOfListing

Market is unknown / not a valid MIC code in the MarketToCountryCode list

HomeMemberState_v2

ISIN, CountryOfIncorporation, MarketsListedIn or Market is missing

OriginalPortfolioInvestmentManager13F

InvestmentManager13F is missing from your portfolio file

There are some properties that are calculated based on the input properties, and we refer to these as calculated properties. If you don't provide the required property for calculation, the system will generate an Unknown or Missing Data alert.

Missing CountryOf

Properties such as CountryOfIncorporation and CountryOfIssue are vitally important in order for FundApps to determine which country a position may be disclosable in. For example, if CountryOfIncorporation is not provided, FundApps will flag unknowns in all rules that this security could potentially fall under. This is likely to cause a large number of unknowns due to the large number of rules relying on this property.

The volume of unknowns might initially appear daunting at times; however, we suggest consulting the Missing Data tab of your environment. This section will provide a concise overview of the absent properties and the corresponding impacted rules, as illustrated below.

MissingData.JPG

If you are absolutely unable to source the CountryOfIncorporation for a security, we recommend setting the CountryOfIncorporation to “??,” which means the position will be evaluated against each rule in FundApps and will not cause unknown rule results. Positions set with CountryOfIncorporation="??" will be included under Warning instead. These are known as Control Rules, and a separate article on these can be found here. The result of setting the property to "??" is shown below. 

ResultDetails.JPG

Missing IssuerId

A missing IssuerId will almost certainly create multiple Unknowns for the same rule, as most disclosure results are grouped by this property. In fact, assets with a missing (or blank) IssuerId will likely create a very large number of unknowns, as FundApps will evaluate it against many rules. FundApps is configured this way purposefully. Since rules are often grouped by IssuerId, results will not be delivered for:

      • assets with a missing IssuerId or;
      • OTHER assets that do have an IssuerId and were captured by the rule.

Consider the example: we hold a Vodafone Equity (5%) and a Travis Perkins Equity (10%). If we remove the IssuerId from the Travis Perkins Equity, then an unknown would trigger with the message 'Assets checked by this rule have missing data: IssuerID.'

These Unknowns are triggered because the system has no way of knowing whether the 10% result should be grouped with the 5% Vodafone result. To put it another way, there are two possibilities for the Vodafone MajorGB result:

      • It could be 5% (If the missing IssuerId isn’t Vodafone Plc)
      • It could also be 15% (If the Missing IssuerId is Vodafone Plc - 10% + 5%)

It is, therefore, vitally important that IssuerId is always provided and in a consistent manner. If you absolutely cannot find a value for the IssuerId, set it to “UNKNOWN” so all unknown IssuerIds will be grouped together.

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