Unknowns and Missing Data Where The Root Cause Is Not Obvious
Unknowns: Undefined Issue
Unknowns are most commonly caused by missing data or missing portfolio properties (see below). Unknowns can also be caused by errors that will be flagged as an undefined issue. There may also be some errors that cause unknown results that provide limited information or instruction to help resolve them.
Generally, we strongly urge all clients to immediately resolve all unknowns since not addressing the root cause can lead to missed disclosures, awkward calls to regulators and overall sadness
If you receive an unknown result and you are not clear on how to resolve it, please contact firstname.lastname@example.org 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 missing data. i.e. On July 2nd, I am seeing the Undefined Error for Canada Insider Report rule for Nokia. To resolve, you can navigate to July 1st (or the first day you started trading Nokia) and it will show you were missing property on that date. Once you resolve that missing data, the undefined issue will go away.
Other common missing data
In the below missing data table, you may see properties that are not in the property documentation. Here's a quick guide on how to fix them:
VotesPerShare is missing
Market is unknown / not a valid MIC code in the MarketToCountryCode list
ISIN, CountryOfIncorporation, MarketsListedIn or Market is missing
InvestmentManager13F is missing from your portfolio file
There are some properties in Rapptr that are calculated based on the input properties, we refer to these as calculated properties. If you don't provide the required property for calculation, Rapptr will throw an error.
Properties such as CountryOfIncorporation and CountryOfIssue are vitally important in order for Rapptr to determine which country a position may be disclosable in. For example, if CountryOfIncorporation is not provided, Rapptr 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 these missing properties.
Although the number of unknowns may seem slightly overwhelming, we recommend looking at the Missing Data Tab. This page summarises missing properties and the affected rules in one line, as shown below.
If you are absolutely unable to source the CountryOfIncorporation for a stock, we recommend setting the CountryOfIncorporation to “??” which means that the position will be evaluated against each rule in Rapptr and will not cause unknown rule results. Positions set with CountryOfIncorporation="??" will be included under breaches 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.
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 Rapptr will evaluate it against many rules.
Rapptr is configured this way purposefully. Since rules are often grouped by IssuerID, it's vital that Rapptr does not deliver a result for a) assets with a missing IssuerID or, b) 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.'
This Unknown triggers as Rapptr have 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.