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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 44,190 share classes and 6,155 funds supplied by more than 500 fund management companies. The latest available classifications have been made on the basis of December 2020 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 13,013 funds prepared together by FundConnect and FE fundinfo. FundConnect have implemented the concept in the Nordics and FE fundinfo has applied the IC for funds distributed in Switzerland and Germany. The indicative classification should be seen as a first step towards a “verified” classification of those funds.


Funds classified - Q1 2021


Funds universe Number of funds   Number of classes  
Verified classification        
Equity 2,836 46.1% 18,605 42.1%
Bond 1,765 28.7% 16,229 36.7%


756 12.3% 4,327 9.8%
Money market 136 2.2% 742 1.7%
ARIS 294 4.8% 2,467 5.6%
Other 368 6.0% 1,820 4.1%
Total 6,155 100% 44,190 100%
Indicative classification        
Equity 5,614 43.1% 17,162 41.4%
Bond 2,792 21.5% 11,848 28.6%
Multi-asset 2,377 18.3% 5,700 13.7%
Money market 0 0% 0 0%
ARIS 1,301 10.0% 4,446 10.7%
Other 929 7.1% 2,301 5.6%
Total 13,013 100% 41,457 100%
Total classification 19,168   85,647  
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 FundConnect and FE fundinfo neither 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 FundConnect, who was selected as Classification Administrator. The main responsibility of the Classification Administrator is to collate 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 FundConnect and EFAMA and it is possible for data vendors or other interested parties to receive the results of the EFC in bespoke feeds. FundConnect and 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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