Glossary
Issuer
An issuer is the legal entity that issues a security and is liable to its holders; most concentration limits are measured per issuer.
The issuer of a bond is the borrower; the issuer of a share is the company. Concentration limits usually add up everything a portfolio holds from one issuer: shares, bonds and money market instruments together. Under Article 52(1) of the UCITS Directive, a fund may invest no more than 5% of its assets in securities of the same body.
Identifying the issuer is not always simple. A guaranteed bond may be counted against the guarantor, and a fund unit carries the risk of its holdings rather than its manager. Policies should say which entity counts, and whether related issuers are combined into an issuer group.
In Acclimetry’s issuer concentration limit, the dimension can be the instrument, the issuer or the issuer group. Example: two bonds and a share from one issuer, worth £120,000 in a £1,000,000 portfolio, are 12%, above a 10% cap.
See also
Sources
- Directive 2009/65/EC (UCITS), Article 52, text as it stood at UK exit (legislation.gov.uk; source of record EUR-Lex) · OGL v3.0 · Read on12 October 2026
- Acclimetry rule-template registry (32 templates, methodology options, reason codes and 108 engine-checked cases; backend commit 8197063) · cite only · Read on12 October 2026