📂Managing and Editing Your PCF Specifications
The Portfolio Composition File (PCF) specification shows the current state of your portfolio. You can download real-time values and update your portfolio.
You will see the following form when you enter the PCF specification page.
The form consists of 2 sections, Portfolio Information (Top) and Portfolio Composition. (Bottom)
Also, some fields cannot be edited by the user, because they are calculated daily by our service or among the fixed fields created at the beginning.
Not editable: ISIN, Full name, Portfolio Currency, Net Asset Value, Total Net Asset Value, Total Portfolio Value, Management Fee, Performance Fee Rate (%), Annual Management Fee Rate (%), Performance Fee, Total Performance Fee, Product Ticker.
Portfolio Information
The Portfolio information section contains 15 fields. Note that all fields on the PCF specification page are denominated in the portfolio currency.
| Field | Description |
|---|---|
ISIN | The ISIN of the product |
Portfolio Currency | The currency that denominates the portfolio. |
Net Asset Value | Total portfolio value minus total management fee divided by outstanding shares. Any performance fee will also be deducted from the total portfolio fee before calculating the Net Asset Value. |
Total Portfolio Value | The sum of the total value of each underlying in the portfolio currency. |
Total Management Fee | The total management fee equals the previously calculated total management fee + the current day’s management fee. |
Annual Management Fee Rate (%) | The annual management fee rate expressed in percentage. |
Total Performance Fee | The total performance fee equals the current performance fee multiplied by the number of outstanding shares. |
Product Ticker | The instrument ticker. |
Full Name | The full name of the product. |
Outstanding Shares | The number of outstanding shares of the product. |
Total Net Asset Value | Total portfolio value minus total fee. |
Management Fee | The annual management fee of the product in percentage. |
Performance Fee Rate (%) | The performance fee rate expressed in percentage. |
Performance Fee | The performance fee expressed in percentage. |
High-Water Mark | The net asset value threshold needs to reach to collect a performance fee, excluding the current day's daily management fee. |
Note that the portfolio composition file contains more fields than those listed above. For more information, please go to Files.
All values are in the portfolio currency. All values refer to the previously calculated closing values. You can update the following fields
Management Fee (%)
Performance Fee (%)
Total Management Fee
Total Performance Fee
High-Water Mark
When you update the fields, the values of the previous official calculation are updated. The updated values are used in the next calculation of the portfolio composition file. The portfolio composition file is not recalculated when fields are updated.
The operation of recalculating and sending files related to PCF and NAV is done every day at 16:00 London time. All fields are recalculated and updated in your portal at 16:00 London time.
Portfolio Composition
The portfolio composition part of the PCF calculation form describes the portfolio's underlying assets. There are three fields
| Field | Description |
|---|---|
Underlying | The name of the underlying |
Ticker | The ticker of the underlying |
Amount | The amount of the underlying that the portfolio contains. |
You can update the amounts, add new assets by pressing the plus sign, or remove assets by pressing the cross sign next to the asset. After you have updated your portfolio, you press the preview portfolio button to see the changes; if everything looks OK, you can press the update portfolio button. Changes to the portfolio composition take effect immediately.
Real-Time Files
The PCF specification page offers you the possibility to download real-time PCF and NAV files. For more information on PCF files, see portfolio composition files; for NAV, see net asset value.
You can download these files by pressing the download button in the top right corner. Note that you must switch to Excel next to the download button if you want to download real-time PCF files.
The files use Vinter’s real-time prices and the previous day’s end-of-day fees. This means that the prices in the real-time file can differ from the end-of-day file.
The real-time calculations are point-in-time calculations. This means that they are calculated as if they were the official end-of-day calculations. The previous day’s total management fee is used, and a new daily management fee is added to arrive at a new real-time total management fee. This real-time total management fee is not stored in the database. Suppose you calculate a new real-time portfolio composition file. In that case, a new daily management fee is added to the previous official total management fee in order to arrive at a new real-time total management fee.
When you download a real-time PCF file, all the fields are recalculated and stored in the Excel file, but no fields are updated in the database.
To explain how the real-time calculations work let us look at the following example
You update the total management fee from 100 to 120
The platform will store the value 120 as the previously calculated management fee; no recalculation is done
If you calculate a real-time PCF, the platform will now use the value 120 as the previous total management fee and then add a new daily fee to arrive at the new total management fee.
If you calculate a real-time PCF again, the platform will still use 120 as the total management fee and add a new daily management fee. The new daily management fee can be different than the one calculated in step 3 since the real-time calculations use real-time prices.
The platform will use 120 as the previous total management fee at the official end-of-day calculation.
Fee Calculations
The PCF calculation offers you two types of management and performance fees.
Management Fee
The management fee is set in the field Annual Management Fee Rate (%) and is the annual fee expressed in percentage. Each day, the annual management fee rate divided by 365 is multiplied by the portfolio value and added to the total management fee. The total management fee is deducted from the portfolio value in order to obtain the current total net asset value. If the portfolio also includes a performance fee, it will also be deducted from the portfolio value in order to obtain the total net asset value
Performance Fee and High Water Mark
You can specify a performance fee using a High Water Mark. The performance fee is expressed in percentage and calculated on the net asset value per share above the High Water Mark. The asset manager sets the High Water Mark, which is updated manually. The PCF shows the total performance fee of the product, which is the net asset value per share multiplied by the number of outstanding shares; the performance fee is not cumulative as the management fee. For example
If we on Monday have the official calculation time
Net asset value per share (NAV): 100
High water mark (HWM): 80
Outstanding shares (OS): 10
Performance fee (PF): 20 (expressed in percentage)
Using the formula
We arrive at a total performance fee (TPF) of 40. However, if on Tuesday the NAV goes below 80, the performance fee will be set to 0.
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