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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 49,114 share classes and 6,986 funds supplied by more than 500 fund management companies. The latest available classifications have been made on the basis of December 2022 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 11,313 funds prepared by FE fundinfo. The indicative classification should be seen as a first step towards a “verified” classification of those funds.


Funds classified - Q4 2022


Funds universe Number of funds   Number of classes  
Verified classification        
Equity 3,132 44.83% 20,258 41.25%
Bond 1,951 27.83% 18,261 37.18%


995 14.24% 5,197 10.58%
Money market 151 2.16% 817 1.66%
ARIS 313 4.48% 2,529 5.15%
Other 444 6.36% 2,052 4.18%
Total 6,986 100% 49,114 100%
Indicative classification        
Equity 4,834 42.73% 15,378 41.17%
Bond 2,459 21.74% 11,395 30.51%
Multi-asset 2,226 19.68% 5,435 14.25%
Money market 0 0% 0 0%
ARIS 970 8.57% 3,298 8.83%
Other 824 7.28% 1,847 4.94%
Total 11,313 100% 37,353 100%
Total classification 18,299   86,467  
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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