Just Released - Fund & Class Tags, Sensitive Reporting & More

For fund managers running a portfolio across multiple strategies, vintages, jurisdictions, and asset classes, slicing the data by any of those dimensions has historically meant one of two things. Either build a naming convention rigid enough to encode the slice, or maintain a parallel spreadsheet outside the system of record. Both approaches break down at scale. Naming conventions become illegible as the portfolio grows. Spreadsheets drift out of sync the moment something changes in the registry.

Tags solve this cleanly when they exist at every level of the hierarchy. Until now, Caruso's tag taxonomy covered investing entities, accounts, and related parties, but not the funds and unit classes themselves. That gap meant the most important analytical dimensions, region, strategy, vintage, asset class, sat outside the tagging system.

The latest release closes the gap. Tags now extend to funds and unit classes, adding to the taxonomy that already covers investing entities, accounts, and related parties. Tagging on orders is next.

How tagging on funds and unit classes works

Tagging on funds and unit classes follows the same pattern as the rest of the platform. The interaction model is consistent whether the tag is on an investing entity, a fund, or a class.

• Apply tags from detail headers or master tables. Tag a fund or unit class directly from its profile page, or apply tags in bulk from the master Funds and Classes tables.
• Filter and segment by tag. Tag-based filters on the Funds and Classes tables make it easy to narrow to a curated subset for review, reporting, or investor comms.
• Manage tags centrally under Settings. Create, rename, and delete tags from one place. Changes propagate across funds, classes, and existing tag assignments.
• Bulk tagging for fast cleanup. Apply tags to many funds or classes at once when reorganising the taxonomy or rolling out a new tagging dimension from scratch.

The result is a single tagging system that spans the whole portfolio. Funds and classes are first-class tag subjects rather than implied by naming convention, sitting on top of Caruso's unit registry as the system of record for fund and class data.

What this unlocks for portfolio segmentation

Once funds and classes can be tagged, several things become straightforward that previously required spreadsheet work or careful naming:

• Slice the portfolio by any dimension. Region, strategy, vintage, asset class, or any internal taxonomy the team uses. No need to pre-bake the slice into the fund name.
• Run tag-based filters on the master tables. Filter Funds and Classes by tag for review, reconciliation, or generating segment-specific reports.
• Reorganise without breaking history. Renaming a tag updates every fund and class that carries it. The taxonomy can evolve without requiring downstream data fixes.
• Cross-reference tags across the registry. Because the same tagging system covers funds, classes, investing entities, and related parties, segments defined on one entity type can be cross-referenced with segments defined on another.

For managers running the unit registry across multiple funds, the immediate practical effect is fewer external spreadsheets. The slices that used to live in Excel can now sit on the funds and classes themselves, in line with the principles set out in best-practice registry management.

Sensitive variant of the All Distribution Details report

This release also introduces a sensitive variant of the All Distribution Details report. Tax IDs are now masked by default in the standard report, with a permission-gated sensitive variant that exposes the full values, mirroring the existing pattern used for the All Holdings report.

For managers who pull the Distribution Details report at volume, for tax reporting, downstream system feeds, or routine reconciliation, this materially reduces the risk of tax ID exposure to users who do not need to see the full values. Access to the unmasked variant is controlled at the role level rather than at run time, so there is a clear audit trail of who can pull sensitive data.

The masked report retains the same shape and column headers, so anything already wired into the standard report continues to work without modification.

Other improvements in this release

A handful of smaller updates also went live in the same window:

• AU TFN exemption. Australian investors can now select a structured ATO exemption code in the tax details step on the investor portal, replacing free-text entry that previously required manual review.
• % Paid visual on capital raise applications. Admins can see at a glance which applications have been fully settled, without comparing columns manually.
• Preferred name on related parties. Admins can capture a preferred name (for example, "Jim") that displays in brackets alongside the legal name throughout the Admin App.
• Transaction flags visible across Orders tables. System transaction flags on redemptions and transfers are now visible at the table level, without needing to open each order. (User-defined tags on orders are coming in the next release.)
• Auto-refresh after document uploads. Fund documents, task documents, accreditation certificates, and data room documents appear immediately after upload, with no manual page refresh required.

Extending tags to funds and unit classes is the kind of update that pays back quietly: less time in spreadsheets, fewer naming-convention compromises, and a cleaner foundation for portfolio segmentation. If you would like a walkthrough of any of these features, email [email protected] to arrange a product demonstration. For existing customers, detailed documentation is available in our help centre.