As we approach the end of the first quarter of 2020, investment fund managers and investors in non-traded or infrequently traded debt and equity investments have a fiduciary duty to report independent and credible fair value information to investors and stakeholders. This process is complicated by the rapidly changing global health situation due to the coronavirus (COVID-19). Given the volatility demonstrated in the public markets and the unknown ultimate global impact of COVID-19, using informed judgment to estimate the fair value of investments will require even more thought and analysis.
Duff & Phelps hosted a webcast on March 31st that was presented by our portfolio valuation experts to discuss the impact of COVID-19 on estimating and reporting fair value for the March 31, 2020 quarter end.
Duration: 1 hour
Schedule: 11:30 a.m. - 12:30 p.m. Hong Kong / Singapore Time
- What impact will COVID-19 have on fair value estimates at March 31, 2020?
- How will public market volatility impact fair value estimates?
- How are investee company value drivers impacted by the pandemic (revenue, cost, growth, competition, market conditions, etc.)?
- Should projections be updated and what is the impact on fair value if they have not been updated?
- How much weight should be placed on observable market transactions?
- Is a recent transaction price a reliable input when estimating fair value?
- Can investors rely on reported December 31, 2019 NAVs from other managers as a basis for estimating their own March 31, 2020 fair value for a fund interest?
- Srividya Gopal, Managing Director and Southeast Asia Leader, Valuation Advisory Services
- David Larsen, Managing Director, Portfolio Valuation, U.S.
- Rishi Aswani, Managing Director, Portfolio Valuation, India
- Bennett Cupit, Director, Portfolio Valuation, Hong Kong
Valuation and consulting for financial reporting, federal, state and local tax, investment and risk management purposes.
Alternative investment valuation for private equity and hedge funds.
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