Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 3 terms
A monthly disclosure by small cap and mid cap funds, in a format standardised by AMFI, showing how long the portfolio would take to liquidate alongside concentration, valuation and composition data.
Read it as an evacuation plan rather than a weather forecast. It does not say a fire is coming; it says how long the building takes to empty, which is a fact about the building and was measurable the whole time.
The share of a fund’s assets held by its largest investors, disclosed alongside the liquidity stress test.
It tells you how few decisions it would take to produce a large redemption. A fund whose top holders own a big slice can face an exit that no retail pattern would ever generate.
The headline figure of the fund liquidity stress test — the days needed to sell 25% and then 50% of the portfolio, computed pro-rata against trailing traded volumes.
Driven mostly by fund size measured against the volumes of what it owns, so the numbers cluster by size rather than by skill. The least liquid fifth of the portfolio is excluded before the figure is calculated, which is the single most important thing to know about it.