News & Analysis

A look at Q1 vals, and a peek at what’s to come

Veterans of Q1 valuations look at what happened in the quarter and prognosticate on Q2 (including polls and tips from a Duff & Phelps webcast).

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Net asset value (NAV) value of an entity's assets minus the value of its liabilities concept, cube wooden block with alphabet combine the word NAV on black chalkboard background

Valuations: Marine Cole has a look at what happened in first-quarter valuations, and has veterans of that process gesticulate on what we can expect in Q2, in this story. The article includes responses from a recent Duff & Phelps poll showing how much marks were down in Q1, as well as tips on how to approach Q2 valuations.

March 31 marks were certainly difficult for managers – our story “Mark to what? Industry wraps its head around year-end and Q1 valuations” is still among the best read on our site this year. But, as Hamilton Lane principal John Stake told Marine, “For many, Q1 operations were only impacted for a few weeks but will be impacted for most if not all of Q2.” That could be a good thing if you rely heavily on public comps, with the Dow Jones Industrial Average up some several thousand points between March 31 and June 30. But while there may be some better general visibility on the general situation, the recent surge in cases in the US clouds the picture up a bit more.

Email prepared by Graham Bippart