A NAV that shows its work.
X-ACCOUNT books transactions, values the fund on schedule, calculates the net asset value per share class, accrues fees from the agreement and prepares the annual report – every figure with the inputs it was built from.
- 19
- transaction types processed
- 5
- fee methods, from tiered rates to performance fee
- 10
- levels of look-through into target funds
- 8
- readiness checks before an annual report is released
Three questions a fund administrator asks
- Question What is the NAV per share today, and why?
One pool, split by class weights. Instruments that belong to one class stay with it; open fees are deducted before the split.
- Question How much fee is owed, and when is it payable?
The accrual reduces the NAV at every valuation. A performance fee becomes payable only when it crystallises.
- Question Is this valuation still valid?
If a price, a rate or a booking changes afterwards, the valuation is marked as stale – with the reason, and the value it used next to today’s.
Booking, from a grid or from a sentence.
One booking screen for every manual entry: choose funds and instruments, and it prepares a line for each combination. Or write what happened in one sentence – X-FOLIO fills in the lines, you save them.
- Thirteen types on screen: trades, transfers, FX, forwards, dividends, coupons, subscriptions, redemptions
- Fees and credits per line, trading venue by its MIC
- Booking from a sentence in German, English, French or Italian
- Figures, names and dates are masked before the sentence is sent
- Protection against duplicates on every transaction
- Edits and deletions need a reason; earlier versions are kept
The assistant only prepares lines. Nothing is booked until a person saves it.
Valued on schedule, held when data is missing.
Schedules create valuations from weekly to annually, in your time zone and around your holidays. If a price or a rate is missing, the valuation waits with a to-do and resumes by itself.
- Six stages with live status: imported, positions, to-dos, calculation, report, send
- The whole valuation computed in one database transaction
- Dividends as receivables from the ex-date, net of withholding tax
- Changes to some thirty kinds of input mark a valuation as stale, with the reason
- Recalculation over history across funds – cancellable, resumable
- Earlier valuations remain as audit trail
NAV per share class from one pool.
The fund is valued once. The pool is split by carried-forward class weights; instruments that belong to one class – a currency hedge, for instance – stay with that class.
- Share classes with ISIN, currency, accumulating or distributing
- Subscriptions and redemptions with forward pricing
- Open fees deducted before the split; each class bears its own
- Class currency converted at the rate of the valuation date
- NAV history per class
- Calculation version on every result
Fees calculated from the agreement itself.
An agreement per fund or share class holds any number of components. Each is accrued at every valuation and stored with its basis, its rate and its days.
Agreements may follow one another but never overlap. One that has been used is deactivated, not deleted.
- 01Percentage of assets
- On opening, closing, average or daily-weighted assets, with four day-count conventions.
- 02Tiered rates
- Marginal tiers: each slice of the assets at its own rate.
- 03Flat amounts
- Per year or per settlement period, accrued to the day.
- 04Minimum and maximum
- Annual amounts, brought down to the period.
- 05Performance fee
- Participation rate, high-water mark, hard or soft hurdle – absolute or against a benchmark.
- 06Crystallisation
- The accrual reduces the NAV at every valuation. The claim becomes payable only on the crystallisation date.
- 07Settlement
- Payment and release of the accrual are booked together, so the NAV does not move.
What stands behind a position.
A fund is more than its lines. X-ACCOUNT resolves what the target funds hold, what dividends are still to come and what the bank has charged.
- Look-through
Target funds that are valued in X-FOLIO are replaced by their positions, scaled by ownership, up to ten levels deep.
- Dividends and tax
Withholding-tax rates by source country and investor domicile. The dividend is a receivable from the ex-date; the reclaimable part is tracked.
- Bank charges
The fee codes of the custodian files are named and sorted into eight categories – by venue, asset type and currency.
Cost ratios are shown for nine windows. Fees computed from an agreement and fees charged by the bank are kept apart and never added.
The annual report, with a closing workflow.
The annual report follows the Liechtenstein structure and takes its figures from the valuation at the reporting date. A closing page shows for each fund what is still missing before release.
- Statement of assets, income statement, change in net fund assets, units in circulation
- Inventory, purchases and sales, FX forwards, exchange rates
- Eight readiness checks, from the NAV identity to the exchange rates
- Comparison with the previous year, for figures and for texts
- Draft with a watermark and a page of open items
- Release and revoke; a released closing is read-only
The annual report is produced in German. Missing data prints as n/a, never as zero.
From the transaction list to the annual report.
What fund administration takes away – with every valuation and at year end.
- PDF report
Annual report
The final version from the valuation at the reporting date, and the draft before release.
- Management and bodies, activity report with generated passages
- Statement of assets, income statement, use of income
- Change in net fund assets, units in circulation, key figures with cost ratios
- Inventory, turnover list, FX forwards, exchange rates
- Fees of target funds, valuation principles, remuneration policy, country notes
- Auditor’s report, sustainability annex and imprint, with dated attachments
- PDF report
Transaction report
Rendered with a valuation when there are new transactions, or for any date range.
- Key figures and an overall summary
- By type: trades, transfers, FX, dividends, coupons, margin
- Per transaction: holding before and after, price, rate, total and comment
- PDF report
Fee report
The fees charged by the bank – for one fund or across all funds.
- Total, and the breakdown by fee type
- By trading venue, asset type and currency
- Converted to fund currency, with the rates used
- Line items with date, type and a marker for credits
- On screen
A valuation, in full
Twenty-four tabs on one valuation.
- Positions, transactions and to-dos
- Results per share class and NAV history
- Fees: payable, running and paid
- Receivables from dividends
- Calculation inputs: the value used next to today’s value
- Comparison with another valuation
- On screen
Annual closing
One page for all funds at year end.
- Readiness of every fund at a glance
- Work list of missing entries, with take-over from last year
- Comparison with the previous year
- Attachments with their dates
From booking to closing.
Six steps – the first five with every valuation.
- 1 Book
Transactions arrive from the custodian file, the grid or a sentence.
- 2 Value
The schedule creates the valuation. Missing data holds it.
- 3 Accrue
Fees are computed from the agreement and deducted.
- 4 Split
The pool is divided into share classes; the NAV per share results.
- 5 Report
Transaction, fee and client reports are rendered.
- 6 Close
At year end the closing page leads to the released annual report.
Methods, by name.
What is in the module today.
Booking
- 19 transaction types
- Grid for 13 types
- Booking from a sentence, with preview
- Duplicate protection per transaction
- Reason and history on edit and delete
- Advice PDFs linked by reference number
Valuation
- Schedules from weekly to annual
- Holiday rule: before, after, skip, calculate
- Pipeline in six stages
- To-dos for missing data
- Stale detection with reason
- Recalculation with cancel and resume
NAV
- Classes with currency and distribution type
- Forward pricing of flows
- Class-specific instruments
- Fees deducted before the split
- NAV history per class
- Calculation version on the result
Fees
- 5 methods, 5 bases, 4 day counts
- Marginal tiers, minimum, maximum
- High-water mark with optional reset
- Hurdle: none, absolute or benchmark
- Crystallisation and settlement
- Fees in a foreign currency
- Warning if cash will not cover a fee
Costs and tax
- 8 fee categories, 3 return tiers
- Cost ratio for nine windows
- Computed and charged costs kept apart
- Withholding-tax rates for 12 countries
- Dividend receivables and reclaim
Annual report
- Some twenty sections
- 8 readiness checks
- Comparison with the previous year
- Draft, release, revoke
- Dated attachments
- Country notes
Not in the module today Equalisation, distributions per share class, reconciliation of positions with the custodian, swing pricing and a general ledger. Accrued interest is supplied with the instrument, not computed.
