⚙️ On-Chain Admin

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. This can be entered manually or uploaded as a spreadsheet for funds with complex portfolios. Once submitted, the protocol calculates the NAV per unit and adjusts investor positions using the fund's accounting method: equalization (all positions rebalanced at once) or series-based (each cohort tracked independently). It then computes management and performance fees, including per-investor high-water marks.

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 streamlined 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 provides investors and regulators with real-time transparency into fund operations, reducing the need for external audits or reporting, and ensuring a high level of security and trust in the system​​​.

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—allowing investors to see detailed aspects like the shareholder registry or fees extracted—to a more limited view, such as simply displaying the NAV. This flexibility ensures that 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 with an APR overlay. You also get period-over-period performance for each NAV event.

Managers can also export NAV history, download the unit register filtered by date, and generate PDF statements for individual investors.