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 27,669 share classes and 3,889 funds supplied by more than 500 fund management companies. The latest available classifications have been made on the basis of June 2019 holdings and will initially be followed by quarterly updates, the next being made on the basis of September 2019 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 13,085 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 - pr. 30/06/2019
Fund Universe Number Of Funds Number Of Classes
Verified classification
Equity 2.006 52% 13,142 48%
Bond 1,254 32% 10,376 38%
Multi-Asset 364 9% 2,182 8%
Money Market 89 2% 419 3%
ARIS 107 3% 768 3%
Other 154 4% 782 3%
Total 3974 100% 27,669 100%
Indicative classification
Equity 5,754 44% 19,987 41%
Bond 2,830 22% 13,999 29%
Multi-Asset 2,252 17% 6,217 13%
Money Market 0 0% 0 0%
ARIS 1,330 10% 5,648 12%
Other 919 7% 2,599 5%
Total 13,085 100% 48,450 100%
Total classification 17,059 76,119

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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: [email protected]

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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.