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 impact of COVID-19, using informed judgment to estimate the fair value of investments will require even more thought and analysis.
Please join us for a discussion on how best to reflect the impact of COVID-19 on estimating and reporting fair value for the March 31, 2020 quarter end.
- 11:30 a.m. - 12:30 p.m. (HKT/SGT)
- 9:00 a.m. - 10:00 a.m. (IST)
- 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 to 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?
- 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