Unit classes allow fund managers to group investors, tailor fund terms, and manage documents efficiently. A single fund can include multiple unit classes, enabling you to issue different types of units under the same legal fund structure.
While all units represent an interest in the same fund, each class can have its own:
Fee structure
Investment strategy
Currency
Class-level unit value (new)
An investing entity can also hold units across several classes within the same fund.
Why Use Unit Classes?
Fund managers typically create multiple unit classes to:
Differentiate fee structures, for example, Class A retail investors at 2% management fee and Class B wholesale investors at 1%.
Offer currency hedging, such as AUD and USD classes within the same fund.
Segment investor types, for example, domestic versus offshore investors, or institutional versus high-net-worth individuals.
Accommodate investment strategies, such as a core class and an income-only class.
This flexibility allows for customised reporting, communication, and compliance management within a single fund.
Add a New Unit Class
To create a new unit class:
In the navigation pane, select Funds
Navigate to the relevant fund and open the Unit Classes tab
Click Create unit class
In the side panel, enter a suitable name
Select an outgoing bank account
(Optional) Add a note for additional context.
Click Confirm to save the new class.
Update an Existing Unit Class
By default, new funds include a unit class called Ordinary. You can edit this class or create additional ones as needed.
To edit an existing unit class:
In the navigation pane, select Funds
Navigate to the relevant fund and open the Unit Classes tab
Next to the unit class you wish to update, click the ellipsis (...) and select Edit
Update the name or outgoing bank account details.
Click Confirm to save your changes.
Set Unit Values at the Class Level (New)
To set or update the unit value for a unit class:
Navigate to the relevant fund
Open the Unit Classes tab
Select the unit class you wish to update
In the unit class view, locate the Unit Value section
Click Update unit value to create a new unit value entry
Enter the following details:
Effective Date – the date from which the unit value should apply
Unit Value – the price per unit (supports up to 6 decimal places)
Note (optional) – add any relevant comments about this value
Click Confirm to save your changes
Important: Class No. Units and Class NAV are live values from the register. If holdings change later, these values update automatically. Only the Class Unit Value is fixed when saved.
Click Confirm to apply the new value.
Note: You can add or delete unit value entries, but you cannot edit existing entries. If a correction is needed, delete the incorrect entry and add a new one.
Management Fee and Management Fee Reporting
Fund managers can now configure and report on annual percentage management fees at the unit class level.
To configure management fees for a unit class:
In the navigation pane, select Funds.
Open the Unit Classes tab.
Click the Unit class you want to update.
Go to the Management Fees tab.
Click Add management fee.
In the side panel, you can:
Add an Effective From date.
Enter the Annual Percentage Rate (%).
Include any notes if required.
Click Confirm to save.
If needed, you can remove a fee by clicking the ellipsis (…) next to it and selecting Delete.
Generate a Management Fee Report
To review and download management fee data:
In the navigation pane, go to Reports.
From the Report dropdown, select Management Fee Report.
Choose a Fund, Optional Unit Class, and Time Range.
Click Download to export the report.
How Management Fees Are Calculated
How Management Fees Are Calculated
Caruso calculates management fees using a daily accrual method.
The system automatically breaks the report into sub-periods whenever:
The holding value changes
A new management fee rate becomes effective
Each row in the report represents a sub-period, in order to see exactly what contributes to the fee calculation.
Calculation Formula
For each sub-period: Fee = (Units Held × Unit Value) × (Annual Rate ÷ 365/366) × Days in Period
Note: This is the first stage of an ongoing enhancement that will expand unit class configurability to include additional fee types, costs, and unit values.
Unit Classes When Uploading Documents
When uploading a document to a fund, you’ll see a Unit Class field in the side panel.
This field lets you specify which unit class (or classes) the document applies to, ensuring that only the relevant investors can view it in the Investor Portal.
If no class is selected, the document will be visible to all investors in the fund.
If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.