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Pretty standard to book results on a quarter lag with Alternative investment results due to the lack of readily available Financial Statements. As long as there is no blatant event impacting the fund that would cause a material impact to the actual 3/31 valuation the 12/31 detail + known cash flows is a useable practical expedient.
In terms of material impact, how would COVID impact this assessment
Sensitivity analysis. See what amounts are vs the actual 3/31 numbers. Have paje, move on with life
Agree with this. Get the 3/31 numbers and do a drift. Also since they aren’t booking to audited numbers I’d expect you need to do a bit more on the valuation from a documentation standpoint
They need to reflect the value of investments at 3/31. With the situation brought by Covid19, there could be a significant difference in the investment at NAV at 12.31 and at 3.31.
Chief
Bot an expert here at all but wouldnt COVID and related decrease in the interest rates and general market crash prior to 3/31 have impact? Isnt that something they should consider beyond 12/31 adjusted for cash flow?
At a minimum should be trying up to 3/31 capital statement if material
There's not even time to get a capital statement? How does PY look when you do a look back analysis?