Managing Asset Management

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F

fees
Charges levied against a portfolio by the portfolio manager or a third party provider. In particular, Webfolio provides custom fee algorithms for management and incentive fees. Management fees are typically charged as a percentage of the AUM. Incentive fees are performance-based with hurdle or high watermark algorithms being most commonly used to calculate them.

fees contract
A fee contract is the user-defined schedule of fees by which Webfolio automates their calculation, in accordance with the frequency and algorithms to be used.

fees contract template
To allow reusability of fee schedules, Webfolio has a fees template concept. A template is a schedule of fees that can be copied into a portfolio fees contract. More than one template can be created with a unique name for different billing schedules. After a template schedule has been copied into a contract, the contract can then be further modified as required.

flat fees
A flat fee is a monthly or yearly charge usually invoiced on an annual basis. At each portfolio valuation, the flat fee is accrued (or amortized) according to a methodology associated with the fee layer contract (e.g., linear / pro rata temporis or actuarial amortization).

forex
Foreign Exchange activity.

forward
An operation for a future dated exchange of currencies contracted with a counterparty at a predetermined forward rate.
For evaluation purposes, an unrealized gain/loss is calculated for the Forward as the current date approaches the contracted forward date. The forward rate used for estimation is a linear interpolation at the valuation date of the known forward rates.

free constraint
A Free Constraint is an information level, text-only statement that is not tested during valuation of a portfolio, but it is shown on the executed Constraint List for that portfolio as a failed constraint. The compliance officer can review the constraint manually to determine if an action needs to be taken.

front office
Webfolio module designed to provide investment managers with the tools needed to create and manage positions. It is a stand-alone module, but is fully integrated with the rest of Webfolio.

fund capacity
The maximum amount (AUM) set for a fund by the fund's manager.

fund of funds
An investment vehicle whose holdings consist of shares in hedge funds and/or private-equity funds. Some of these multi-manager vehicles limit their holdings to specific managers or investment strategies, while others are more diversified. Investors in funds of funds have to be willing to pay two sets of fees, one to the fund-of-funds manager and another set of (usually higher) fees to the managers of the underlying funds.

fund parent
The high-level fund that is the base for the creation of classes and series. Constraints, for example, may use the fund parent to calculate a result as opposed to the actual underlying class or series. See products, class, series.

fund philosophy
In addition to a fund management style, a fund may have a philosophy that sets the investments selected, or the method of interaction with investors, as examples.

fund property constraint
A constraint created for a property of a fund, as distinct from a constraint for the portfolio's underlying funds. For example, a property constraint could be that a portfolio's currency must be USD.

future constraint
A future constraint can be created for the properties of a future. A Future Rate constraint can be created for properties of a Future Rate.

FX
Foreign exchange, with respect to foreign currency rates and trades.

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