The Top Fund Holdings Summary shows a percentage breakdown of the Total Holdings that make up the fund. In some cases the total may exceed 100%. This is due to a negative values (or short positions) in some of the asset types, usually Cash. Reasons for why Cash would have a negative value include:

  1. Leverage employed  - top holdings is calculated by dividing by the Assets Under Management (AUM. If the total value of the holdings are also held on margin, then the market value of the Top Holdings will exceed the AUM.

  2. Redemption requests exceeding fund inflows

  3. Loan taken resulting in negative cash flow

  4. Hedging positions

  5. Cash distribution which resulted in cash outflow