Purchase the Training Pack ($299.00)
to get the recording, transcript, and presentation materials for this webinar in a single download. Please allow up to 30 days after the webinar for the Training Pack to be available.
Given the expected reduction in the estate tax exemption, the use of privately-held marketable equity securities (MES) portfolios as a wealth transfer vehicle is likely to increase. Join Gary Gerlach to learn the ins and outs of valuing these investment vehicles. We will cover the use of multiple (free) sources of closed-end mutual fund (CEF) data and discounts and analyze and select guideline CEFs, focusing on metrics such as asset type, concentration and allocation issues, performance, risk-adjusted returns, yield, and credit quality. We will also discuss incorporating the valuation of MES portfolios in real estate holding companies and operating company valuations, valuing MES portfolios consisting of private equity and hedge fund investments, MES portfolios held in corporations, and discount for lack of marketability considerations.
Program Agenda
Introduction;
What closed-end funds are and why they are used in the valuation of MES portfolios;
Types of CEFs: general equity, specialized equity, fixed income, municipal bonds, and hedge funds;
Relevant court cases involving the valuation of MES portfolios;
Sources of CEF data and discounts;
Analysis of MES portfolios and comparison to potential guideline CEFs; and
Special situations—MES portfolios consisting of private investment company investments (hedge funds and private equity), MES portfolios in C and S corporations, and MES portfolios in operating companies and real estate holding companies;
Discount for lack of marketability issues with MES portfolios
Learning Objectives
Explain why CEFs are used in the valuation of MES portfolios;
Find freely available information on CEFs, including portfolio composition, performance, discounts, screening resources;
List the factors driving CEF discounts;
Discuss key comparison criteria to select the best available CEF guideline companies;
Apply the appropriate discount for lack of control and lack of marketability for MES portfolios; and
Incorporate the valuation of MES portfolios into other types of valuations.
BVR's Training Packs are an indispensable addition to any valuation reference library. Use them as training tools as many
times as you'd like, wherever you are: play them at your computer at work or home, in your car, or on your personal audio device.
Delivered as an electronic download approximately four weeks after the program has aired, each Training Pack includes:
Recordings and transcripts of the presentation
All presentation visual aids and handouts
All ancillary reading materials suggested by our presenters
If you are ordering a Training Pack after the four week window, the download link will be sent to you immediately via email. Please
check your spam folder and add customerservice@bvresources.com to your “safe list”
to ensure you receive your Training Pack.
Business Valuation Resources offers a 100% money-back guarantee on our training services. If you are not completely satisfied
with your experience, or have any feedback, please contact Business Valuation Resources at 1-503-479-8200 or
customerservice@bvresources.com.
