⚙️ On-Chain Admin
Flexible NAV schedules, automated fee handling, and transparent on-chain records.
Fume's on-chain administration system allows fund managers to customize the frequency of their Net Asset Value (NAV) calculations. This can be set according to the fund's specific needs, whether it be on a weekly or monthly basis, at each investor subscription or redemption, or in alignment with the schedule defined in the fund's offering memorandum.
Automated NAV Calculation
To perform the NAV calculation, the fund manager provides the total value of the underlying assets, or the fund's net equity directly. Once submitted, the protocol prices every share class, computes management fees, and crystallizes performance fees against each class's high-water mark when they are due. It then issues units for new subscriptions and processes pending redemptions.
Handling of Fees and Liabilities
After the fees are computed, they are marked as pending liabilities within the system. The fund manager is then responsible for preparing the liquidity needed to settle all or part of these liabilities in a single transaction. This process significantly reduces the administrative burden on fund managers, as there is no need for manual calculations or external reporting.
Transparency and Traceability
All actions, including NAV calculations, fee computation, and liability settlements, are fully traceable on-chain. This gives investors and regulators real-time transparency into fund operations and reduces the need for external audits or reporting.
However, the fund manager retains control over what information is shared with investors. Through Fume's web interface, the manager can customize the level of visibility granted to investors. This can range from full transparency (investors see detailed aspects like the shareholder registry or fees extracted) to a more limited view, such as simply displaying the NAV. Fund managers can balance investor transparency with privacy or compliance requirements as needed.
Analytics and reporting
The platform includes visual analytics. The AUM chart tracks assets under management over time. The NAV chart shows historical NAV per unit for each share class, with an optional APR trend line. You also get period-over-period performance for each NAV event.
Managers can also export NAV history, download the unit register at any date, and generate PDF reports and certificates for individual subscriptions.