SQXray — Fund Insights: how the public fund record works https://sqxray.com/fund-insights/ The public fund record covers a narrow slice of what a fund does. These articles map the gaps, measure the lag, and show how to read the disclosures that reach print. The most common fund data gap is a mapping failure https://sqxray.com/fund-insights/fund-data-gap-mapping-failure/ https://sqxray.com/fund-insights/fund-data-gap-mapping-failure/ Wed, 02 Sep 2026 00:00:00 +0000 A holdings lookup returns empty for a fund the provider clearly covers. The data exists in the database and arrives on the usual schedule from the usual source. The identifier on the book differs from the identifier under which the holdings were filed. A fund's published expense ratio is a promotional price https://sqxray.com/fund-insights/expense-ratio-promotional-price/ https://sqxray.com/fund-insights/expense-ratio-promotional-price/ Tue, 01 Sep 2026 00:00:00 +0000 The net expense ratio in the prospectus reflects a fee waiver the adviser can let expire. The gross expense ratio — the contractual cost — is the structural price, and the spread between the two is a deferred increase disclosed in plain view. The largest hidden concentration in asset management is funds inside funds https://sqxray.com/fund-insights/hidden-concentration-funds-inside-funds/ https://sqxray.com/fund-insights/hidden-concentration-funds-inside-funds/ Sun, 30 Aug 2026 00:00:00 +0000 Trillions of dollars in target-date and multi-asset funds report portfolios assembled from other funds. Resolve a level deeper and a handful of underlying index portfolios turn up across the entire market. Investor timing costs more than the expense ratio https://sqxray.com/fund-insights/largest-cost-not-expense-ratio/ https://sqxray.com/fund-insights/largest-cost-not-expense-ratio/ Fri, 28 Aug 2026 00:00:00 +0000 The management fee gets the headline. For many funds, the return investors actually earn falls well below the return the fund publishes, and the timing of flows in and out drives the difference — a wider drag than the fee. Most bond fund risk numbers come from a partial portfolio https://sqxray.com/fund-insights/bond-fund-risk-numbers-incomplete-portfolio/ https://sqxray.com/fund-insights/bond-fund-risk-numbers-incomplete-portfolio/ Thu, 27 Aug 2026 00:00:00 +0000 Duration, yield, and credit quality are the first three numbers a risk team pulls on a bond fund. All three are weighted averages computed from the slice of the portfolio where inputs exist — and for many funds that slice falls well short of the whole book. Interval funds look like mutual funds until you try to redeem https://sqxray.com/fund-insights/interval-funds-look-like-mutual-funds/ https://sqxray.com/fund-insights/interval-funds-look-like-mutual-funds/ Wed, 26 Aug 2026 00:00:00 +0000 Five types of SEC-registered funds share a statute. Their exit mechanics range from daily NAV to quarterly windows to exchange-only. The wrapper drives the risk more than the holdings do. What a fund's redemption record reveals about liquidity risk https://sqxray.com/fund-insights/what-redemption-activity-reveals-about-risk/ https://sqxray.com/fund-insights/what-redemption-activity-reveals-about-risk/ Tue, 25 Aug 2026 00:00:00 +0000 Redemption history measures behavior rather than composition. It records how much money left the fund, while a model merely predicts how fast money should leave. Portfolio liquidity and share liquidity are distinct risks https://sqxray.com/fund-insights/portfolio-liquidity-vs-share-liquidity/ https://sqxray.com/fund-insights/portfolio-liquidity-vs-share-liquidity/ Mon, 24 Aug 2026 00:00:00 +0000 In practice, the figure that protects a shareholder rarely emerges from the portfolio. How stale is a fund's publicly disclosed portfolio https://sqxray.com/fund-insights/how-stale-is-fund-holdings-data/ https://sqxray.com/fund-insights/how-stale-is-fund-holdings-data/ Fri, 21 Aug 2026 00:00:00 +0000 The lag in fund holdings disclosure follows from the reporting calendar working as designed. Why share classes within a fund diverge in risk https://sqxray.com/fund-insights/why-share-classes-differ-in-risk/ https://sqxray.com/fund-insights/why-share-classes-differ-in-risk/ Sat, 01 Aug 2026 00:00:00 +0000 The share class an investor owns, rather than the fund overall, often governs how a stress event reaches that investor. How to read leverage in a fund's reported exposure https://sqxray.com/fund-insights/reading-leverage-in-fund-exposure/ https://sqxray.com/fund-insights/reading-leverage-in-fund-exposure/ Sun, 07 Jun 2026 00:00:00 +0000 The reconciling entry that makes the arithmetic work also reveals how much borrowing stands behind the exposure. Where fund disclosure rules stop https://sqxray.com/fund-insights/what-fund-disclosure-rules-dont-require/ https://sqxray.com/fund-insights/what-fund-disclosure-rules-dont-require/ Wed, 03 Jun 2026 00:00:00 +0000 The gaps in a fund's public record follow from the design of the rules, and knowing where they fall matters more than knowing they exist.