Filing-first compilation
Fund information and position marks are transcribed from public SEC filings, including N-PORT, 10-Q, and N-CSR filings. Each position links directly to its source filing.
Venture NAV Tracker / Methodology
Public filings, applied with valuation discipline.
The tracker is a structured view of disclosures—not an independent valuation opinion. We preserve the source and reporting date alongside every record so users can judge comparability themselves.
Transparent derived fields
Premium or discount is calculated as market price divided by NAV per share, less one. Implied price per share is fair value divided by disclosed shares or units. Dispersion compares the high and low implied prices among current marks.
Comparable does not mean identical
Share classes, liquidation preferences, fund interests, filing lags, and methodology can differ. A mark difference is a prompt for diligence, not proof that one fund is wrong.
Flags, not hidden marks
Filings are reproduced verbatim. Dispersion is computed at the underlying-company level, while security class, wrappers, and valuation-basis uncertainty appear as row-level flags rather than exclusions. The tracker includes reviewed MELD judgment entries for as-converted treatment, attached-warrant identification, and exceptional statistical exclusions. Each is labeled MELD judgment with its rationale, and never changes a filed value. At a reported valuation of $10 billion or more, classes are treated as-converted; marks below $0.25 per share, below $250,000 of fair value, or without meaningful look-through arithmetic are retained on-page but omitted from dispersion statistics with an explicit reason.
Price against NAV
Exchange-traded closed-end funds and BDCs holding venture equity. A market price exists, so premium or discount to reported NAV is observable — this is the core transparency statistic, computed only within this category.
NAV-priced by design
Interval funds issue and repurchase shares at the fund's struck NAV and do not trade on an exchange. There is no market price, so premium or discount is undefined — we never display one. Their value is the holdings look-through.
Income vehicles, segmented
Listed BDCs lending to venture-backed companies. Premium and discount to NAV apply, but these are debt books whose marks behave differently from equity portfolios — their statistics are computed separately and never blended into the equity figures.
Field-level as-of dates
Each field carries the reporting date of its own source filing. NAV per share, net assets, shares outstanding, total investment fair value, and positions may therefore have different as-of dates within one fund.
Latest filed NAV only
Premium or discount always uses the latest filed NAV per share. We do not derive NAV from net assets, shares, portfolio value, or an earlier reporting period.
MELD perspective
For a fund CFO, the question is not whether a number can be produced. It is whether the number can be defended.
That is the standard MELD applies to ASC 820 and NAV valuation work: contemporaneous evidence, explicit methodology, and a clear record of the judgment behind the mark.
Learn about MELD's fund valuation practice →