Investment Fund Accounting: Daily NAV, Unit Pricing, Subscriptions & Redemptions, Fee Accruals & Performance Fees with a High-Water Mark
Strike a fund's NAV like a fund accountant: price the holdings, accrue fees and expenses, process subscriptions and redemptions, compute the price per unit and a performance fee above a high-water mark, with every cell checked as you go.
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About this course
In this course you strike the daily NAV of a fictional open-ended fund step by step. You price every holding from a vendor price file with XLOOKUP and convert it with FX rates, build the statement of net assets and round the NAV per unit to four decimals. You accrue the management fee and fixed expenses by calendar day, deal subscriptions and redemptions with ROUNDDOWN and keep a unit register with SUMIFS. You book dividends on the ex-date, accrue bond interest, compute a distribution per unit and a performance fee above a hurdle and a high-water mark, run NAV checks for tolerance breaks and stale prices, and finish with investor statements and a NAV chart.
Lessons
- Valuing the Portfolio: Price File, FX Rates & Unrealised Gains Pro
- From Assets to NAV: The Statement of Net Assets & NAV per Unit Pro
- Fee Accruals: Daily Management Fee, Fixed Expenses & the Accrued Balance Pro
- Dealing Day: Subscriptions, Redemptions & the Unit Register Pro
- Income: Dividends on the Ex-Date, Bond Interest & Distribution per Unit Pro
- Performance Fee: Hurdle, High-Water Mark, Accrual & Crystallisation Pro
- NAV Checks: Day-over-Day Moves, Price Tolerance Breaks & Stale Prices Pro
- Investor Statements & a NAV Dashboard Pro