European Fund Classification

efc The European Fund Classification (EFC) is a pan-European classification system of investment funds which has been developed by the European Fund Categorization Forum (EFCF) – a task force of the European Fund and Asset Management Association (EFAMA).

The vision of the EFCF is to create a true pan-European classification of investment funds which is supported and recognized by the fund groups as well as data vendors and national associations. The classification should be beneficial for all parties as it will ensure

The current classification reflects a total universe of 40,644 share classes and 5,894 funds supplied by more than 500 fund management companies. The latest available classifications have been made on the basis of September 2020 holdings and will initially be followed by quarterly updates, the next being made on the basis of December 2020 holdings.
To address the market need for a stronger coverage, the EFCF has decided to launch a complementary indicative classification (IC). The EFC offers an indicative classification for 11,045 funds prepared together by FundConnect and FE. FundConnect have implemented the concept in the Nordics and FE has applied the IC for funds distributed in in Switzerland and Germany. The indicative classification should be seen as a first step towards a “verified” classification of those funds.

Funds classified - Q4 2020
Fund Universe Number Of Funds Number Of Classes
Verified classification
Equity 2,820 48% 17,307 43%
Bond 1,724 29% 15,216 37%
Multi-Asset 694 12% 3,873 10%
Money Market 116 2% 639 2%
ARIS 237 4% 1,935 5%
Other 330 6% 1,659 4%
Total 5,921 100% 40,629 100%
Indicative classification
Equity 5,759 43% 18,080 41%
Bond 2,907 22% 12,619 29%
Multi-Asset 2,406 18% 5,931 14%
Money Market 0 0% 0 0%
ARIS 1,367 10% 4,820 11%
Other 911 7% 2,310 5%
Total 13,350 100% 43,760 100%
Total classification 19,271 84,389

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The classification is performed by FundConnect, who was selected as Classification Administrator. The main responsibility of the Classification Administrator is to collate and review the portfolio holdings of every fund management company that is interested in adopting the EFC and to monitor, (initially on a quarterly basis) adherence to the classification criteria as defined by the appropriate sector definitions. The Classification Administrator performs the duties of the classification on a non-monetary basis. The classification results are freely available on the website of FundConnect and EFAMA and it is possible for data vendors or other interested parties to receive the results of the EFC in bespoke feeds. FundConnect and FE will make the classification available within their products and to the firms they distribute to.

For more information

The Classification Administrator can be contacted at:

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Indicative classification have been based on the thresholds set in the EFC categories, using publicly available information only. Care has been taken to ensure that the information, including sector allocations, are correct but FundConnect and FE neither warrant nor guarantee the contents of the information, nor do they accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein.