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The EFC categories will enable fund groups to identify the specific EFC category to which each of their funds belongs to. It will also enable meaningful comparisons between funds and their peer groups within a system of fund categories that is transparent and fully defined. The publication of the EFC categories will also facilitate the adoption of the EFC for the classification of both cross-border and domestic funds.
Under this system, the investment fund universe is split into 6 types of funds:
The publication of the EFC categories report is accompanied by a spreadsheet showing to which EFC categories 3,296 cross-border funds (13,048 share classes) belong. These funds are promoted by 125 fund managers, including many belonging to the largest European fund management groups.
The list below shows the most populated EFC categories in each fund type, together with the number of share classes regrouped in each category and the definition of each category.
Peter De Proft, Director General of EFAMA, adds: “With the publication of this new report, EFAMA confirms its commitment to strengthen the positioning of UCITS as a well regulated and transparent investment product, ideally suited for retail investors. The EFC categories provide the European fund industry with a tool to support the UCITS brand with a single standard of fund classification designed to give distributors and their clients the confidence that the fund they select are true to their label.”