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AIC publishes guide on portfolio holdings disclosure

Ian Sayers

The Association of Investment Companies has issued a new guide for members about the disclosure of portfolio holdings post-RDR.

The guide calls on members to consider whether they should release full portfolio holdings. For boards which choose to release this information, it makes suggestions on how frequently and quickly this information might be released.

The trade body suggests that member companies which are mainly invested in listed securities should consider releasing portfolio holdings on a monthly basis, with no more than a three month delay.

The AIC suggests that member companies which are mainly invested in more specialist, non-traded asset classes should consider releasing this information on at least a quarterly basis, with no more than a three month delay.

AIC director general Ian Sayers (pictured) says: “Though there is a stronger case for investment companies to disclose full portfolio holdings than ever before, this issue is more complex for investment companies due, for example, to the much wider range of assets investment companies invest in than open-ended funds.

“This includes illiquid asset classes which by their nature are valued less frequently than listed securities and raise different commercial considerations.

“Boards will need to weigh up the potential benefits against the risks and in some cases may legitimately decide not to release this information, or to do so in a different format or on a less frequent basis.”

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