{ "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": "2026-06-08T14:32:24+00:00", "captured_unix": 1780929144 }, "classification": "review", "confidence": 0.64, "review_required": true, "llm_status": { "attempted": true, "used": true, "fallback_used": false, "provider": "openrouter", "model": "DeepSeek/DeepSeek-V4-Flash", "error": null, "http_code": null, "usage_present": true, "prompt_tokens": 7081, "completion_tokens": 3870, "total_tokens": 10951 }, "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": null, "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 complementary pools: Public Companies (listed equities), Private Capital (direct investments in UK mid-market businesses), and Funds (private equity funds managed by external managers). Strategic allocations: Public Companies 30-40%, Private Capital 25-35%, Funds 25-35%.", "gearing": { "net_gearing_percent": null, "gross_gearing_percent": null, "borrowings_or_debt_summary": "No borrowings or debt mentioned in the documents; net cash position of \u00a3150m as of May 2026.", "gearing_source_phrase": null, "gearing_band": null }, "nav_and_market": { "discount_or_premium_percent": -37.8, "nav_frequency_or_phrase": "Net asset value per share 586.0p as of 31 March 2026 audited NAV; monthly NAV updates implied by 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": null, "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": null, "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_mapping_quality": "weak", "mapped_weight_band": "none", "unknown_weight_review_impact": "review_support", "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": [] }, "portfolio_composition_inferred": { "source": "portfolio_composition_derived", "raw_values_published": false, "public_listed_companies_band": "significant", "private_capital_band": "significant", "funds_or_fund_of_funds_band": "significant", "cash_or_net_cash_band": "unknown", "composition_source": "text_and_holdings_derived", "composition_review_impact": "review_support", "underlying_categories": [ "listed_equities", "private_equity", "unlisted_assets", "funds_of_funds" ] }, "risk_notes": [ "Wide discount or premium to NAV may require explanation", "Material private, unlisted or fund-of-funds exposure identified", "Holdings enrichment was present but mapping quality was weak", "Underlying exposure is not mapped to a definitive taxonomy", "Listed share liquidity does not create a complexity uplift" ], "why_not_complex": [ "No non-standard security line identified", "No ZDP share line identified for the requested ISIN", "No preference share line identified for the requested ISIN", "No warrant or subscription share line identified", "No structured payoff identified", "No positive capital-protection or guarantee mechanism identified", "No leveraged or inverse investment objective identified", "No derivative-led or synthetic strategy identified", "No listed-share liquidity failure identified" ], "confidence_components": { "security_line_confidence": "high", "listed_share_liquidity_confidence": "high", "gearing_confidence": "moderate", "underlying_composition_confidence": "moderate", "holdings_mapping_confidence": "weak" }, "underlying_assessment": { "source_type": "free_text_disclosure", "mapped_to_definitive_taxonomy": false, "detected_categories": [ "Listed equities", "Private equity (direct and fund investments)", "listed_equities", "private_equity", "unlisted_assets", "funds_of_funds" ], "underlying_complexity_level": "amber", "underlying_summary": "The portfolio comprises approximately 32% listed equities (public companies), 31% direct private equity (private capital), and 31% private equity funds. The private capital and fund investments are unlisted, valued with a time lag (typically quarterly), and may be harder to value than listed securities.", "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": [ "Discount to NAV of 37.8% which may indicate market concern over liquidity or valuation" ], "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 (the 'Company'). The ordinary shares are traded on the Main Market of the London Stock Exchange." }, { "source": "FACTSHEET", "signal": "private_equity_or_unlisted_assets", "quote": "Private Capital: 31% of NAV, 12.2% return; Funds: 31% of NAV, 13.1% return. Private Capital: Focused on up to 10 high quality, UK mid-market businesses with prudent capital structures. Funds: Highly diversified portfolio across c.80 funds managed by c.45 proven private equity managers." }, { "source": "FACTSHEET", "signal": "illiquid_or_hard_to_value_underlying", "quote": "Investment portfolio valuation dates: Private Capital 31 Mar 26; Funds: 30 Apr 26, 31 Mar 26, 31 Dec 25, 30 Sep 25 (vintage dates indicate lag in valuations)." }, { "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", "holdings_mapping_quality_weak", "portfolio_composition_supports_review" ], "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" ] }, "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 } } }