{
    "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": "2026-06-08T14:14:48+00:00",
        "captured_unix": 1780928088
    },
    "classification": "review",
    "confidence": 0.64,
    "review_required": true,
    "llm_status": {
        "attempted": true,
        "used": true,
        "fallback_used": false,
        "provider": "openrouter",
        "model": "deepseek-v4-pro",
        "error": null,
        "http_code": null,
        "usage_present": true,
        "prompt_tokens": 7064,
        "completion_tokens": 4654,
        "total_tokens": 11718
    },
    "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": "flexible",
    "aic_sector_or_sector": "Flexible Investment",
    "investment_objective_summary": "To invest in proven well-managed businesses that combine long term growth characteristics with an ability to deliver increasing levels of income; to allocate investments to listed and private markets in a range of sectors; and, in particular through our listed and fund investments, with a global reach.",
    "investment_policy_summary": "Invests across public and private markets through three pools: Public Companies (32% of NAV), Private Capital (31%), and Funds (31%). Global, balanced portfolio focused on well-managed businesses.",
    "gearing": {
        "net_gearing_percent": null,
        "gross_gearing_percent": null,
        "borrowings_or_debt_summary": null,
        "gearing_source_phrase": null,
        "gearing_band": null
    },
    "nav_and_market": {
        "discount_or_premium_percent": -37.8,
        "nav_frequency_or_phrase": "monthly factsheet",
        "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_investments",
            "listed_equities"
        ],
        "underlying_complexity_level": "amber",
        "underlying_summary": "Portfolio includes listed equities (32%), direct private equity investments (31%), and fund investments (31%) including private equity funds. Private capital and fund investments may be illiquid and subject to 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": [
        "High allocation to unlisted/private equity (62% of NAV) may raise liquidity and valuation concerns",
        "Significant discount to NAV (37.8%) may indicate market perception of risk or illiquidity",
        "Infrequent valuation of some fund investments (e.g., 30 Sep, 31 Dec, 31 Mar, 30 Apr)"
    ],
    "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": "PRIIPS_KID",
            "signal": "ordinary_listed_it_share",
            "quote": "Ordinary shares of Caledonia Investments plc, a self-managed closed-ended investment trust company incorporated in England ... traded on the Main Market of the London Stock Exchange."
        },
        {
            "source": "FACTSHEET",
            "signal": "private_equity_or_unlisted_assets",
            "quote": "Private Capital: 31% of NAV ... Direct investment and significant owners ... Funds: 31% of NAV ... private equity managers"
        },
        {
            "source": "FACTSHEET",
            "signal": "illiquid_or_hard_to_value_underlying",
            "quote": "Investment portfolio valuation dates: Funds 30 Apr 26 1.9%, Funds 31 Mar 26 71.9%, Funds 31 Dec 25 22.9%, Funds 30 Sep 25 3.3%"
        }
    ],
    "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
        }
    }
}