{
    "ok": true,
    "_meta": {
        "isin": "GB00BTNQ8K38",
        "asset_scope": "UK_INVESTMENT_TRUST_COMPLEX_ASSET",
        "policy_mode": "balanced",
        "policy_mode_description": "Ordinary listed Investment Trust ordinary shares start from a non-complex baseline, but product-level complexity such as non-standard share class, structured payoff, derivative-led strategy, structural leverage, complex underlyings, liquidity failure, or supported comprehension warnings can override that baseline. Free-format underlyings normally create review rather than hard complex classification unless the strategy is clearly complex.",
        "classification_engine_version": "1.0.0-it",
        "prompt_version": "complex_asset_it_extract_v1",
        "captured_at_utc": "2026-06-08T14:09:32+00:00",
        "captured_unix": 1780927772
    },
    "classification": "review",
    "confidence": 0.64,
    "review_required": true,
    "llm_status": {
        "attempted": true,
        "used": true,
        "fallback_used": false,
        "provider": "openrouter",
        "model": "DeepSeek-V4-Flash",
        "error": null,
        "http_code": null,
        "usage_present": true,
        "prompt_tokens": 7064,
        "completion_tokens": 2958,
        "total_tokens": 10022
    },
    "decision_rule_applied": "balanced_investment_trust_review_signal_rule",
    "product_policy_branch": "INVESTMENT_TRUST",
    "fund_name": "Caledonia Investments plc",
    "isin": "GB00BTNQ8K38",
    "type": "INVESTMENT_TRUST",
    "security_line_type": "ordinary_share",
    "ordinary_share_like": true,
    "asset_class": "mixed (public equity, private equity, funds)",
    "aic_sector_or_sector": "Flexible Investment",
    "investment_objective_summary": "To invest in proven well-managed businesses combining long-term growth with increasing income, allocated to listed and private markets globally.",
    "investment_policy_summary": "Balanced global portfolio across three pools: Public Companies (c.30 listed equities), Private Capital (up to 10 UK mid-market private businesses), and Funds (c.80 private equity funds). Targets long-term compounding real returns outperforming inflation by 3-6% over medium to long term and FTSE All-Share over 10 years.",
    "gearing": {
        "net_gearing_percent": null,
        "gross_gearing_percent": null,
        "borrowings_or_debt_summary": "Net cash position of \u00a3149.9m (factsheet May 2026); no borrowings or debt mentioned.",
        "gearing_source_phrase": "Net cash position; no gearing percentage stated.",
        "gearing_band": null
    },
    "nav_and_market": {
        "discount_or_premium_percent": -37.8,
        "nav_frequency_or_phrase": "NAV per share 586.0p (factsheet May 2026); valuation dates vary for underlying pools (e.g., Private Capital as at 31 Mar 2026, Funds as at various dates).",
        "market_cap": null,
        "average_daily_value_traded": null,
        "bid_offer_spread_percent": null,
        "trading_status": "active_or_not_flagged",
        "spread_band": "normal",
        "turnover_band": "normal",
        "market_cap_band": "normal",
        "liquidity_band": "normal",
        "liquidity_impact": "no_complexity_uplift",
        "recent_trade_observed": true
    },
    "lse_inferred_market_data": {
        "source": "lse_alldata_derived",
        "raw_values_published": false,
        "security_line_type": "ordinary_share",
        "ordinary_share_like": true,
        "lse_category": "EQUITY",
        "mifir": "SHRS",
        "instrumenttype": "STOCK",
        "fundsType": "FUND",
        "market_classification": "lse_main_market",
        "segment_classification": "stmm",
        "suspended": false,
        "recent_trade_observed": true,
        "spread_band": "normal",
        "turnover_band": "normal",
        "market_cap_band": "normal",
        "liquidity_band": "normal",
        "liquidity_impact": "no_complexity_uplift"
    },
    "aic_inferred_data": {
        "source": "aic_companydata_derived",
        "raw_payload_published": false,
        "alias_resolved": true,
        "isin_match_observed": true,
        "company_name_present": true,
        "data_as_at_present": true,
        "sector": "Flexible Investment",
        "selected_share_type": null,
        "selected_row_index_present": true,
        "ordinary_share_like": false,
        "multiple_share_classes": false,
        "zdp_share_class_present": false,
        "preference_share_class_present": false,
        "gearing_band": null,
        "discount_premium_band": "unknown",
        "market_cap_band": "unknown",
        "total_assets_band": "unknown",
        "selected_exchange_classification": "lse_main_market",
        "top_holdings_count_band": "ten_or_more",
        "top_holdings_listed_equity_like": false,
        "underlying_categories": []
    },
    "holdings_inferred_data": {
        "source": "morningstar_portfolio_holdings_derived",
        "raw_payload_published": false,
        "holdings_count_band": "ten_to_twenty_four",
        "analysed_holdings_count_band": "ten_to_twenty_four",
        "holdings_with_isin_band": "some",
        "oppl_mapped_holdings_band": "few",
        "top_position_weight_band": "small",
        "analysed_weight_band": "significant",
        "equity_or_dr_weight_band": "none",
        "bond_or_debt_weight_band": "none",
        "fund_or_collective_weight_band": "none",
        "preference_or_hybrid_weight_band": "none",
        "unknown_weight_band": "significant",
        "listed_equity_or_dr_dominant": false,
        "non_equity_weight_band": "significant",
        "distinct_mic_count_band": "few",
        "distinct_country_count_band": "few",
        "holding_complexity_impact": "ordinary_holdings_support",
        "complex_holding_flags": [],
        "underlying_categories": []
    },
    "underlying_assessment": {
        "source_type": "free_text_disclosure",
        "mapped_to_definitive_taxonomy": false,
        "detected_categories": [
            "listed_equity",
            "private_equity",
            "fund_of_funds",
            "listed_equities"
        ],
        "underlying_complexity_level": "amber",
        "underlying_summary": "Portfolio includes significant exposure to private equity (Private Capital 31% NAV, Funds 31% NAV) with valuations that may be stale (e.g., Funds as at 31 Mar 2026, 30 Apr 2026, 31 Dec 2025, 30 Sep 2025). Public Companies are liquid listed equities. Overall complexity is elevated due to private equity illiquidity and valuation uncertainty.",
        "limitation": "Underlying exposure is inferred from disclosure text and has not been validated against a holdings-level taxonomy."
    },
    "signals": {
        "ordinary_listed_it_share": true,
        "non_standard_security_line": false,
        "zero_dividend_preference_share": false,
        "subscription_share_or_warrant": false,
        "split_capital_share_class": false,
        "preference_share": false,
        "c_share": false,
        "structured_payoff": false,
        "capital_protection": false,
        "leveraged_or_inverse_objective": false,
        "inverse": false,
        "derivatives_mentioned": false,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": false,
        "swaps_or_synthetic_strategy": false,
        "options_or_volatility_strategy": false,
        "structural_leverage": false,
        "high_gearing_review": false,
        "very_high_gearing_review": false,
        "private_equity_or_unlisted_assets": true,
        "private_credit_or_direct_lending": false,
        "structured_credit_or_clo_exposure": false,
        "catastrophe_ils_exposure": false,
        "crypto_digital_asset_exposure": false,
        "life_settlements": false,
        "litigation_finance": false,
        "illiquid_or_hard_to_value_underlying": true,
        "liquidity_failure": false,
        "poor_liquidity_review": false,
        "continuation_vote_or_windup_language": false,
        "priips_comprehension_alert": false
    },
    "complex_factors": [],
    "non_complex_factors": [
        "Ordinary listed Investment Trust share",
        "LSE-derived liquidity indicators do not create a complexity uplift"
    ],
    "review_factors": [
        "significant_private_equity_exposure",
        "stale_valuations_in_funds_pool"
    ],
    "consumer_understanding": {
        "risk_level": "moderate",
        "drivers": [
            "Specialist, private, illiquid or less transparent underlying exposure",
            "Ordinary listed Investment Trust share structure"
        ],
        "plain_english_explanation": "The product contains some risk-language or Investment Trust mechanics that may require explanation, but no hard complex feature has been identified from the available evidence. The assessment should be read as product-level context rather than a conclusion about any specific client.",
        "appropriateness_note": "This is a product-level indicator of features that may affect general investor understanding. It does not determine whether the product is appropriate for a specific client and does not replace a client-specific appropriateness assessment."
    },
    "supporting_evidence": [
        {
            "source": "FACTSHEET",
            "signal": "private_equity_or_unlisted_assets",
            "quote": "Private Capital: 31% of NAV... up to 10 high quality, UK mid-market businesses"
        },
        {
            "source": "FACTSHEET",
            "signal": "private_equity_or_unlisted_assets",
            "quote": "Funds: 31% of NAV... c.80 funds managed by c.45 proven private equity managers"
        },
        {
            "source": "FACTSHEET",
            "signal": "illiquid_or_hard_to_value_underlying",
            "quote": "Funds as at 30 Apr 2026 (1.9% of Pool NAV), 31 Mar 2026 (71.9%), 31 Dec 2025 (22.9%), 30 Sep 2025 (3.3%) \u2014 indicating stale prices"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "ordinary_listed_it_share",
            "quote": "Caledonia Investments plc ordinary 0.5p shares ... traded on the Main Market of the London Stock Exchange"
        },
        {
            "source": "PRIIPS_KID",
            "signal": "illiquid_or_hard_to_value_underlying",
            "quote": "There is no committed liquidity offered by market makers or the PRIIP manufacturer so liquidity depends only on the availability of buyers and sellers on the secondary market"
        }
    ],
    "supporting_data": {
        "mode": "balanced",
        "reason": "Investment Trust review signal identified.",
        "security_line_type": "ordinary_share",
        "gearing_band": null,
        "underlying_complexity_level": "amber"
    },
    "missing_data": [
        "gearing_percent"
    ],
    "warnings": [
        "underlying_not_mapped_to_definitive_taxonomy",
        "lse_derived_liquidity_no_complexity_uplift"
    ],
    "sources": {
        "priips_kid": {
            "found": true,
            "source": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_KID.txt",
            "url": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_KID.txt",
            "http_code": 200,
            "content_type": "text/plain",
            "bytes": 13318,
            "error": null,
            "candidates_checked": [
                "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_KID.txt"
            ]
        },
        "factsheet": {
            "found": true,
            "source": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_FS.txt",
            "url": "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_FS.txt",
            "http_code": 200,
            "content_type": "text/plain",
            "bytes": 7161,
            "error": null,
            "candidates_checked": [
                "https://oppl.ai/apy/doc_store_its/GB00BTNQ8K38_FS.txt"
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        },
        "market_data": {
            "found": true,
            "source": "lse_alldata_derived",
            "url": "",
            "http_code": null,
            "content_type": "application/vnd.oppl.lse-derived+json",
            "bytes": 0,
            "error": null,
            "raw_values_published": false
        },
        "aic_data": {
            "found": true,
            "source": "aic_companydata_derived",
            "url": "",
            "http_code": null,
            "content_type": "application/vnd.oppl.aic-derived+json",
            "bytes": 0,
            "error": null,
            "raw_payload_published": false
        },
        "holdings_data": {
            "found": true,
            "source": "morningstar_portfolio_holdings_derived",
            "url": "",
            "http_code": null,
            "content_type": "application/vnd.oppl.holdings-derived+json",
            "bytes": 0,
            "error": null,
            "raw_values_published": false
        }
    }
}