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Finding Fair Value

Finding Fair Value

Best Practices for Overseeing Hard-to-Price Securities


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Finding Fair Value, Best Practices for Overseeing Hard-to-Price Securities, is an article KPMG partnered on with BoardIQ, an indispensable source of intelligence for mutual fund boards.

The investment landscape is changing. Liquidity poses increasing challenges, and new types of securities are finding their way into funds as portfolio managers seek additional ways to add value. These developments mean more assets will be harder to value. Directors must ensure their advisers are up to the challenge and leave no stone unturned in their oversight of the fair valuation process.

Directors must drive funds toward a valuation process that is both rigorous and objective. This begins with the initial tone directors set with the adviser about fair valuation and continues to the relationship they maintain with internal and external valuation constituents, all the way to the review phase after a fair-valued security is sold.

This article provides guidelines to improve this critical oversight function.

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