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European Fund Classification



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The European Fund Classification (EFC) is a pan-European classification system of investment funds which has been developed by the European Fund Categorization Forum (EFCF), a taskforce of EFAMA.


The vision of the EFCF is to create a truly pan-European classification of investment funds which is supported and recognised by the fund groups as well as data vendors and national associations. The classification should be beneficial for all parties as it will ensure:


  • Transparent comparisons of cross-border funds
  • Less controversial peer group analysis
  • A common language for fund classifications
  • High threshold levels that secure investor protection
  • Greater standardisation in the production of funds


The current verified classification reflects a total universe of 49,394 share classes and 7,049 funds supplied by more than 500 fund management companies. The latest available classifications have been made on the basis of September 2023 holdings.

To address the market need for a stronger coverage, the EFCF has decided to launch a complementary indicative classification (IC). The EFC offers an indicative classification for 17,696 funds prepared by FE fundinfo. The indicative classification should be seen as a first step towards a “verified” classification of those funds.


Funds classified - Q3 2023


Funds universe Number of funds   Number of classes  
Verified classification        
Equity 3,126 44.35% 20,312 41.12%
Bond 1,996 28.32% 18,558 37.57%


1,026 14.56% 5,276 10.68%
Money market 144 2.04% 787 1.59%
ARIS 312 4.43% 2,505 5.07%
Other 445 6.31% 1,956 3.96%
Total 7,049 100% 49,394 100%
Indicative classification        
Equity 7,401 41.82% 27,448 42.34%
Bond 3,413 19.29% 18,405 28.39%
Multi-asset 4,122 23.29% 10,442 16.11%
Money market 0 0% 0 0%
ARIS 1,113 6.29% 4,604 7.10%
Other 1,647 9.31% 3,925 6.05%
Total 17,696 100% 64,824 100%
Total classification 23,381   114,218  
Indicative classification have been based on the thresholds set in the EFC categories, using publicly available information only. Care has been taken to ensure that the information, including sector allocations, are correct but FE fundinfo warrant nor guarantee the contents of the information, nor do they accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein.



The classification is performed by FE fundinfo, who has been selected as Classification Administrator. The main responsibility of the Classification Administrator is to collect and review the portfolio holdings of every fund management company that is interested in adopting the EFC and to monitor, (initially on a quarterly basis) adherence to the classification criteria as defined by the appropriate sector definitions. The Classification Administrator performs the duties of the classification on a non-monetary basis. The classification results are freely available on the website of EFAMA and it is possible for data vendors or other interested parties to receive the results of the EFC in bespoke feeds. FE fundinfo will make the classification available within their products and to the firms they distribute to.

For more information


The Classification Administrator can be contacted at:



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