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Explanation scriptClient or IC context3 concepts1 tools

Explain why NAV is a dated estimate

NAV is the fund's reported value at a point in time. In private markets, the date, valuation process, and Level III exposure matter as much as the number.

Output routeAdvisor packet to document check to tool to controlled example.
4Say this6Source checks1Tools1Examples

Advisor Packet

Start with usable language, then prove the mechanics.

Say this
  1. 01
    Plain-English script

    NAV is the fund's reported value on a specific date, not a live market quote.

  2. 02
    Plain-English script

    Private assets may be valued using models, appraisals, or unobservable inputs.

  3. 03
    Plain-English script

    A stable NAV can still need context if market conditions changed after the valuation date.

  4. 04
    Checks before relying on NAV

    NAV date and reporting cadence.

Verify this
  • Net asset value

    Check the NAV date before using it in a current comparison.

  • Net asset value

    Identify whether NAV is class-level or fund-level.

  • Net asset value

    Trace the source document that supports the reported mark.

  • NAV lag

    Compare the NAV date with the decision date.

  • NAV lag

    Check how often private marks are refreshed.

  • NAV lag

    Look for subsequent events or market movement that the NAV may not include.

Route the next stepUse the packet as the front door, then move into the exact Learn mode the question needs.
ConceptsMetricNet asset value

Net asset value appears in AltHarbor when nav, nav date, performance base need plain-English explanation from the reference desk.

MetricNAV lag

NAV lag appears in AltHarbor when nav date, reporting lag, valuation cadence need plain-English explanation from the reference desk.

MetricLevel III

Level III appears in AltHarbor when level iii, model-based marks, valuation confidence need plain-English explanation from the reference desk.

ToolsLiveNAV / Valuation Lag Explainer

Teach why reported NAV should be read with valuation source and timing context.

Controlled examplesNAV / Level III contextMODEL-PE-NAV: Model NAV mark context and valuation confidence

Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

PathsCore / 71 minEvaluate a first fund

Turn a fund pitch into a source-backed diligence agenda.

Core / 41 minFees and performance

Compare performance after understanding what the return includes.

Advanced / 74 minAdvanced diligence

Pressure-test claims with source documents and structural context.

Intro / 45 minReference desk

Look up the terms that appear across AltHarbor product vocabulary.

Use the outputLanguage first, then document route, lab, controlled example, and broader path.
  1. 01Advisor language
    Use the language

    NAV is the fund's reported value at a point in time. In private markets, the date, valuation process, and Level III exposure matter as much as the number.

    Explanation script
  2. 02Source check
    Verify the claim

    Check the NAV date before using it in a current comparison.

    Net asset value
  3. 03Tool
    Pressure-test the mechanic

    Teach why reported NAV should be read with valuation source and timing context.

    NAV / Valuation Lag Explainer
  4. 04Controlled example
    Apply it to a model scenario

    Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

    MODEL-PE-NAV: Model NAV mark context and valuation confidence
  5. 05Path
    Continue the workflow

    Turn a fund pitch into a source-backed diligence agenda.

    Evaluate a first fund

Advisor Output

Use the language, then verify the source.

Plain-English script

Use this to describe NAV without implying precision that private marks may not have.

  • NAV is the fund's reported value on a specific date, not a live market quote.
  • Private assets may be valued using models, appraisals, or unobservable inputs.
  • A stable NAV can still need context if market conditions changed after the valuation date.
Checks before relying on NAV

The advisor should inspect both the number and the evidence around the number.

  • NAV date and reporting cadence.
  • Fair-value hierarchy and Level III exposure.
  • Source document, subsequent events, and any manager valuation commentary.

Source Concepts

Terms and document proof behind this output.

Related Tools

Use the lab to pressure-test the language.

LiveNAV / Valuation Lag ExplainerTeach why reported NAV should be read with valuation source and timing context.

Controlled Examples

Apply the output to a model inspection case.

Private EquityMODEL-PE-NAV
NAV / Level III context

Model NAV mark context and valuation confidence

Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

Open Learn example
Related workflow

Continue from output to the learning surface that owns the mechanic.

Use when a reported NAV looks stable but the advisor needs to explain timing, private marks, or Level III exposure.

Open related workflow

Learning Paths

Where this output fits in the broader education system.

Core / 71 minEvaluate a first fundTurn a fund pitch into a source-backed diligence agenda.Core / 41 minFees and performanceCompare performance after understanding what the return includes.Advanced / 74 minAdvanced diligencePressure-test claims with source documents and structural context.Intro / 45 minReference deskLook up the terms that appear across AltHarbor product vocabulary.