PitchBook-长荣基金指数的收益平滑 Return Smoothing in Evergreen Fund Indexes.pptx

PitchBook-长荣基金指数的收益平滑 Return Smoothing in Evergreen Fund Indexes.pptx

Keytakeaways

•Privatemarkets’performanceisdeterminedbyappraisalsratherthanbythe

market-basedpricingdoneinpublicsecurities.Thisisthereasonforalong-

standingcritiqueofprivatemarketreturns:Valuationsareadjustedtooslowly,

leadingtounderstatedvolatilityandsubseq

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