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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 44,996 share classes and 6,275 funds supplied by more than 500 fund management companies. The latest available classifications have been made on the basis of March 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 12,826 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 - Q2 2021


Funds universe Number of funds   Number of classes  
Verified classification        
Equity 2,865 45.7% 18,695 41.6%
Bond 1,777 28.2% 16,605 36.9%


803 12.8% 4,522 10.0%
Money market 144 2.3% 770 1.7%
ARIS 322 5.1% 2,561 5.7%
Other 371 5.9% 1,843 4.1%
Total 6,275 100% 44,996 100%
Indicative classification        
Equity 5,551 43.3% 17,409 41.8%
Bond 2,752 21.5% 11,816 28.38%
Multi-asset 2,361 18.4% 5,841 14.03%
Money market 0 0% 0 0%
ARIS 1,235 9.6% 4,308 10.35%
Other 927 7.23% 2,258 5.4%
Total 12,826 100% 41,632 100%
Total classification 19,101   86,628  
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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