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PennyWorks

The NAV your LPs judge you on

Net asset value period by period, the capital that moved it, and fees struck against a high-water mark. Reported off the same books as your financial statements, so the movement ties out.
NAV module: three headline cards showing net NAV with its period change, performance, and period flows, above a line chart of net asset value over time.
The headline indicators, above the historical net asset value timeline.

What your investors and your auditor actually get

  • A NAV that walks

    The movement from one period to the next decomposes into flows, income, realised gains and the change in unrealised, and it ties out. If it does not tie out it is not a NAV, it is an assertion, and the person who finds that out is the one paid to disbelieve you.

  • Fees you can defend line by line

    Management, administration and incentive fees, with the incentive fee struck against a high-water mark, so performance is charged on new gains above the prior peak and not on the same gains twice. The mark moves with capital that flowed in, too, so a big subscription cannot quietly manufacture a performance fee nobody earned.

  • One number, one set of books

    This is the same ledger behind your portfolio composition and your financial statements. Three reports telling one story, rather than three that have to be reconciled to each other the week before an audit.

Two bar charts side by side: incentive performance per period on the left, plotted below the zero line, and period flows on the right showing two positive subscription bars.
Performance and flows, period by period, so a subscription never reads as a return.

Complete NAV and financial statements for your fund

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