Basis of Valuation
In valuing exchange-traded equities, depository receipts, investment trusts and warrants, the prices we receive generally comprise of the mid-price (derived from the closing bid and ask/offer prices), the closing bid or the last traded price for that instrument on the relevant stock exchange.
We price fixed interest securities such as government and corporate bonds, exclusive of accrued interest (also known as the ’clean price’). This means that the price shown will not include any interest accrued and we will instead show accrued interest as a separate amount on your valuation report. The clean price becomes equal to the market (dirty) price immediately following a coupon payment.
We show investments in unit funds or unquoted investment funds at the prices provided to us by the third party fund administrator whose role it is to calculate the net asset value. Valuations reflect the most recent net asset value per unit.
We value investments in unquoted companies using information reasonably available to us, which may include the price of a recent transaction in the security.
We calculate the value of property, property related assets and alternative investments including private equity on the basis of valuations received from the provider of the asset, calculated in accordance with such provider’s internal pricing methodology and the method of valuation provided for in the relevant constituent documents and/ or prospectus. Independent valuations may not always be available for these assets. This may be due to the structure of the investment or because the asset is less liquid or not traded on an exchange. These asset classes may be valued at their probable realisation value estimated with care and in good faith by the providers of the investment(s) or, in some cases, by Davy. Where Davy values investments it is our policy to value at cost unless we have sufficient information to provide a probable realisation value. On that basis, it is important to note that the price reflected on your Davy valuation for such investments may differ from the amount you would receive upon selling the asset(s).
If you purchased securities shown on valuations through Davy, the "book cost" for such securities is derived from the purchase price you paid to Davy. If you purchased a security in a series of transactions, we calculate book cost as the average price of all purchases. If you have purchased securities elsewhere and subsequently transferred them to Davy, we are reliant on you to provide us with an accurate record of the original book cost. In the event that we do not have a record of the original book cost we use the value of the security at the date it was transferred to Davy as the book cost.
Please ask Davy for the basis on which we value any other investments in your Valuation.
Own Name Holdings
You may have asked us to include securities that you hold in your own name on your Valuation. If so, by including them as an accommodation for you, Davy is not representing that they are due to you or that Davy holds them as part of its nominee service or in its safe custody for you. We will continue to include these securities in your Valuation unless you advise Davy to increase, reduce or delete them on foot of any purchase, sale or corporate action with the exception of any life policies which we may increase, reduce or delete based on information we receive directly from the life company.
Forecast Annual Income
This figure is a projection of the amount, in euro, that will be earned in the current year as dividends on equities or coupon payments for bonds. Actual income received is set out on the Income Statement section of your Valuation. Forecast values are for information only and are not a reliable guide to the future performance of your investments.
Private Equity / Property available through a Life Policy
Some investments such as private equity or property transactions may be structured through a life assurance company. In these instances, we are holding a life policy in safekeeping on your behalf and the legal owner of the underlying assets linked to the life policy is the life assurance company. The life assurance company name may or may not be contained in the stock description for such transactions.
- Start Date: This is the date on which Davy made a commitment to this investment on your behalf.
- Commitment: This is the amount that the investor has agreed to provide in capital payments throughout a commitment period.
- Funds Called: The funds called figure shows the total amount called to date in respect of your investment net of unused/reallocated funds returned. This figure may include capital called for investment, capital called for taxes or capital called for fees and expenses associated with your investment.
- Funds Returned: This figure comprises your investment’s distribution of profits and/or capital returned.
- Income Distributed: This figure comprises income earned and distributed by your investment, for example interest accruing from cash deposits or income earned as dividends.
Funds that are distributed to you may be recalled for further investment, subject to certain restrictions. Additional details are available from Davy should you require it.
- Remaining Commitment: This figure is provided by the underlying Fund Manager and is calculated in accordance with the Terms and Conditions of the Limited Partnership Agreement for the investment.
- Overall Remaining Commitment in base currency: The remaining commitment in Fund Currency for your investments is totalled and converted into base currency using the relevant exchange rate as on valuation date.
It is important to note that capital calls made for expenses, fees and taxes associated with the investment may not reduce your remaining commitment to the investment.
- % Drawdown: This is confirmation of the percentage amount drawn down or called for investment to date. It is calculated as the commitment less the remaining commitment shown as a percentage of the commitment figure.
The Committed Funds section is provided by way of general information and is neither exhaustive nor definitive for tax reporting purposes.
If you decide to sell your holdings you may receive more or less than the value shown. You may incur early encashment fees or market value adjustments on the sale of tracker or unitised investments. The value stated does not include commissions and fees that may apply on selling your holdings. If you have holdings in securities denominated in currencies other than euro, you are also exposed to fluctuations in rate as a result of currency movements.
This Valuation is prepared using the most recent prices reasonably available to us. You should be aware that some of the prices used may have a significant time lag between the date the price was calculated and the date of this report, depending on the pricing source and instrument type.
No guarantee is given as to the accuracy or completeness of the content of this report. We obtain many of the prices that we use in preparing your Valuation from external data providers or fund administrators on whom we are reliant for the accuracy of the information. We cannot be responsible for errors contained in information we source externally.
The Valuation for the third party structured products shown above is an indicative value and does not represent a true market value for these products. Although no secondary market exists for these products currently, in the event of a secondary market becoming available, this market value could differ significantly from the indicative value shown above.
The value of investments may fall as well as rise from values shown.
Past performance is not a reliable guide to future performance.
We kindly ask you to compare this Valuation to your own records and we ask you to contact us at the first opportunity with any queries you may have.