Reading fact sheets

Fact sheets summarise portfolio characteristics, performance, and costs for a portfolio or fund. They are marketing-adjacent disclosure documents — useful for orientation, incomplete as a sole diligence file.

A practical reading order: (1) what the portfolio is allowed to hold; (2) what it actually holds at the as-at date; (3) which cost figures are shown and which are omitted; (4) how performance is calculated and over which periods; (5) what risks are highlighted.

When two fact sheets disagree on cost presentation, do not average them in a board pack. Escalate to the principal officer or consultant for a reconciled view tied to contracts.

Never treat a fact-sheet TER as an official fee table for a different fund. Hypothetical Fund A / Fund B rows in education sessions must stay labelled as such.