Glossary

The Terms We Use, In Plain Language

Short definitions for the words you will meet in a Glynac report, with the thresholds Glynac uses.

Terms, in plain language

Four terms, drawn

What The Words Look Like

A holding you own in size that many institutional filers also hold.

Your book closely resembles another manager’s.

Live investing moves away from the strategy you disclosed.

Disclosed AUM and live AUM drift apart.

13F filing: A quarterly SEC disclosure of holdings by institutional investment managers. It is filed up to about 45 days after quarter-end, so it is never live.

Action Taken: How a reviewer closes a report when they acted on it, for example by correcting an email or updating a brochure. Closing is final.
ADV AUM gap: The difference between the AUM disclosed in a firm’s Form ADV Part 2A brochure and its live AUM, calculated as (disclosed − live) ÷ disclosed. Flagged above 5%.
AUM (assets under management): The total assets a firm manages for clients. Glynac compares disclosed AUM with live AUM.

Clone risk: A book that closely mirrors one or more institutional managers of similar size. Scored from 0 to 1, flagged at 0.75 and high at 0.90.
Coverage note: A low-priority note Glynac raises, in place of an alert, when a gap looks unusually large and it is not confident it sees the full picture.
CRD number: The Central Registration Depository number that identifies a firm in registration records. Glynac needs it on file to match your Form ADV brochure.
Crowded position: A holding a firm owns in size that is also widely held across institutional filers. Flagged at 50 or more filers and 5% or more of the book; high at 150 or more.

Form ADV Part 2A: The brochure registered advisers give clients and prospects. It covers AUM, fees, strategy and history. Glynac reads Part 2A only.

Hypothetical performance: Performance figures that are projected or modeled rather than achieved. They need particular care under the SEC Marketing Rule.

Marketing Rule (Rule 206(4)-1): The SEC rule on adviser advertising, including testimonials, endorsements and performance claims. Glynac flags potential issues for a person to review.

No Action Needed: How a reviewer closes a report when, after review, nothing needs to change, for example a clone-risk report that reflects a disclosed, intentional strategy.

Report (alert): A finding Glynac raises automatically. “Report” and “alert” mean the same thing; report is the product’s word.
Review trail: The record of what Glynac flagged, the evidence it attached, who reviewed it and how it was closed.

Severity: The urgency of a report: low, medium, high or critical. The higher it is, the more visibly it is raised.
Specialist: One of Glynac’s AI team (Clara, Robert or Grace) that Ava brings in when a question needs deeper context.
Strategy drift: Actual investing that has moved away from the strategy a firm disclosed. Checked monthly against Form ADV Part 2A, Item 8.

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