Target vs deployed is the gap between what a holding is meant to be worth and what actually gets put to work in it, which appears because you can only buy whole shares. The target value is the ideal money amount for the holding (its target notional); the deployed amount is what that becomes once the position is expressed as a whole number of shares at the latest price. On the Holdings view these are the "Target value" and "Deployed" columns of the "Target positions & exits" sheet.
How is the deployed amount calculated?
Divide the holding's target value by the instrument's price, round down to a whole number of shares, then multiply back by the price. You cannot buy a fraction of a share, so the deployed amount is the target rounded down — the leftover is a small amount of cash, not a trade.
where the brackets round down to the nearest whole share and price is the instrument's latest price.
A Short position works the same way: the share count is floored on its magnitude before the side is applied, so a short's deployed amount is no larger than its target either. Rounding moves both sides toward zero, and the gap is under one share's worth either way.
What counts as a large gap?
The gap is normally small — at most one share's worth of value per holding. It is largest for high-priced instruments held with little capital, where a single share is a big slice of the target, and negligible for low-priced instruments or large capital. On a long it is leftover cash; on a short it is a slightly smaller position than the target. Neither is a loss.
Defaults in Fincanva
- Deployed is never more than the target value, long or short — the share count is floored on its magnitude, so rounding always moves toward zero.
- On a long, the difference (target value − deployed) is leftover cash that stays uninvested for that holding — no partial-share position is taken.
- Share counts follow each instrument's own price, so the gap differs from one holding to the next.
- The portfolio-wide effect of all these gaps is summarized by accuracy.
Worked example
A holding has a target value of 2,500 and the instrument trades at 412. Dividing gives 2,500 ÷ 412 = 6.06, which rounds down to 6 shares. Deploying 6 × 412 = 2,472, so 2,472 is deployed against a 2,500 target — 28 stays as cash, because a 7th share (another 412) would overshoot the target.
Both figures describe a paper target portfolio, never real orders, and neither is a recommended amount to put into any instrument. Fincanva provides no financial advice — see Is this financial advice?.
Where this term is used
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Fincanva provides no financial advice. Backtests show what would have happened — not what will.
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