Overview
This article examines the Portfolio file and the company structure setup, which are essential components of the FundApps implementation process.
The company structure determines how the rules engine aggregates positions and at which level the rules will trigger potential disclosures.
Like almost everything else in FundApps, the company structure can be set up directly in the UI. 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 avoid using special characters in the PortfolioId. Leading or trailing special characters can cause validation errors.
Aggregation Level
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.
An entity is defined as the legal structure with legal title, voting discretion, and/or management discretion over the portfolios.
A portfolio is a vehicle that holds assets directly. It usually falls within the following 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 the 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).
Aggregation Structure
The most important aspect of the Portfolio File is aggregation. Aggregation is modelled in the file in the columns LegalParentID, VotingParentID, and ManagementParentID (for details 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.
Within the portfolio file, the PortfolioId is used to specify which entity a portfolio should aggregate up to, i.e. the parent of the portfolio.
The aggregation structure must be set up correctly, as this determines at which level disclosures will trigger. For more details, please take a look at the article FundApps Aggregation Framework.
For a more detailed description of the values accepted for these properties, please refer to our Service Documentation page. This will be located under the Portfolio & Entity Properties section, which is situated towards the bottom of the page.
When setting up a portfolio, please keep in mind that a live portfolio should have at least one Entity ParentId or DelegatorParentId.
Required vs. Optional
The list of required properties to pass the FundApps file upload validation process can be found in our property specifications for Shareholding Disclosure. Just scroll towards the bottom of the page and locate the section titled Portfolio & Entity Properties.
However, there are also Rule Properties and Form Properties that should be populated to enable the full functionality of the FundApps engine and document generator.
These properties can be added by selecting the file folder icon located at the top right corner and clicking the Portfolios & Entities link. Locate and click into the desired portfolio, umbrella, or entity. Both the Rule Properties and Form Properties tabs are located on the left side menu.
The Rule Properties and Form Properties can also be uploaded through the portfolio file. Uploading them via the portfolio file is simple; just 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 portfolio 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 & Entities screen by selecting the Import button at the top. It's important to note that the portfolio file cannot be uploaded via the Admin > Upload > Upload Positions screen.
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 CSV file has a value populated for the same property (non-blank value), that value will overwrite whatever was previously set for the property, whether it was set in the UI or via an earlier file upload.
If the property value that was previously set (UI or file) is left as an empty cell in the CSV, the existing value will persist and not be overwritten.
If the property is not referenced at all in the portfolio file, the existing value will also persist and not be overwritten.
Generic rule: A property populated with an empty cell or not referenced at all in the portfolio file will not overwrite the existing property value, regardless of whether it was initially set in the UI or through a prior file upload.