Glossary · Fund structure
Specialist Fund Segment
SFS
The part of the London Stock Exchange for specialist closed-end investment funds aimed at institutional, professional, professionally advised and knowledgeable investors.
The Specialist Fund Segment (SFS) is the London Stock Exchange’s segment for specialist, closed-end investment funds. The exchange describes it as targeting institutional, professional, professionally advised and knowledgeable investors.
Funds on the SFS are not required to spread risk: a fund can hold a single asset or a highly concentrated portfolio, and there is no set minimum free float. Investment trusts on the main part of the market must spread investment risk, which is the main difference.
SFS shares trade on the exchange like other listed shares — on its SETS order book or, for less-traded securities, on SETSqx — so the price can move away from the value of what the fund owns.