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Live5 concepts3 modules

NAV / Valuation Lag Explainer

Show how private marks, appraisal timing, and Level III exposure can delay visible stress.

ModeInteractive lab
01Run lab4Concepts3Paths0Evidence2Outputs

Interactive Tool

NAV / Valuation Lag Explainer

Teach why reported NAV should be read with valuation source and timing context.
Valuation readCurrent enough to readThe mark is recent and private-model exposure is lower, so lag risk is limited but still worth sourcing.
Reported NAV move+0.4%What the fund reported for the measured period.
After-report market move-1.6%Context only; not an automatic NAV adjustment.
NAV age18d
Level III26%
Stress context0.4%
CadenceMonthly
Document checks
  1. Confirm the NAV date and whether it is monthly, quarterly, or event-driven.
  2. Read the fair-value hierarchy before comparing the mark to public peers.
  3. Check subsequent-event language and market movement after the reporting date.
  4. Use shareholder reports, N-PORT, valuation policy, and source trail together.
Client-safe language

NAV is a reported estimate at a point in time. In private markets, the date and valuation inputs matter as much as the number itself.

Valuation readRead with date contextThe reported NAV may be directionally useful, but the date and Level III mix should frame every comparison.
Reported NAV move+0.1%What the fund reported for the measured period.
After-report market move-7.4%Context only; not an automatic NAV adjustment.
NAV age74d
Level III68%
Stress context5%
CadenceQuarterly
Document checks
  1. Confirm the NAV date and whether it is monthly, quarterly, or event-driven.
  2. Read the fair-value hierarchy before comparing the mark to public peers.
  3. Check subsequent-event language and market movement after the reporting date.
  4. Use shareholder reports, N-PORT, valuation policy, and source trail together.
Client-safe language

NAV is a reported estimate at a point in time. In private markets, the date and valuation inputs matter as much as the number itself.

Valuation readStale mark riskThe stale-report risk is high; the advisor should inspect subsequent events before treating NAV as current.
Reported NAV move-0.3%What the fund reported for the measured period.
After-report market move-14.2%Context only; not an automatic NAV adjustment.
NAV age109d
Level III84%
Stress context11.9%
CadenceQuarterly+
Document checks
  1. Confirm the NAV date and whether it is monthly, quarterly, or event-driven.
  2. Read the fair-value hierarchy before comparing the mark to public peers.
  3. Check subsequent-event language and market movement after the reporting date.
  4. Use shareholder reports, N-PORT, valuation policy, and source trail together.
Client-safe language

NAV is a reported estimate at a point in time. In private markets, the date and valuation inputs matter as much as the number itself.

Operating-system handoffUse the lab, then route into concepts, controlled examples, document checks, and advisor language.
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