The market graded every fund's private marks. We kept score.
Fund managers file their private-company marks with the SEC every quarter — and sooner or later the market answers with a priced round or an IPO. QL Mark Audit lines every filed mark up against the price the market revealed: who was close, who carried it rich, who never re-marked at all — and how much of the move each manager had already booked before it was announced. The managers being graded are everyone else's data customers. That is why nobody else publishes this.
Loading the audit…
Every grade on one axis
Each dot is one grade — a manager's last pre-event mark vs the price the event revealed, on the anchored basis. The shaded band is the ±10% on-the-mark zone. Hover a dot for the case; click it to open the event below. The tiles above filter this chart too.
The manager report card
| Manager | Events | Median miss | Bias | On the mark | Anticipation | Re-mark lag | Filed late |
|---|---|---|---|---|---|---|---|
| Loading… | |||||||
Median miss = |gap| between the manager's last pre-event mark and the revealed price, on the anchored basis. Bias > 0 = carried rich; < 0 = conservative or stale (absolute bias carries a stated dilution tilt — the ranking does not). Anticipation = how much of the move was already in the mark before the announcement. Filed late = grades where even the filing landed after the event was public. Managers under the minimum sample are shown greyed, never silently ranked. Click a manager to open their grade book.
The skill map — anticipation vs. miss
Right and low is the desk you want marking your book: the manager saw the move coming (high anticipation) and landed near the revealed price (small miss). Bubble size = graded events; thin samples are dashed.
The Mark Lab — stress the report card simulated
Every grade above is a real SEC-filed mark scored one way. The lab re-scores the same marks under assumptions you control — how wide "on the mark" is, how stale a mark may be, how much dilution the post-money ratio hides — and resamples them to show how firm the ranking really is. Nothing here invents a mark; every number is a re-read of the ones on file.
Verdicts under your rules
Each manager's grades re-verdicted at the band, staleness ceiling and dilution set above — on the mark, rich, conservative.
How wide must "on the mark" be?
On-the-mark rate as the band widens from ±2% to ±30%. A desk whose line climbs early was close; one that needs ±25% was not.
Ranking confidence bootstrap
Each ranked manager's grades resampled with replacement; the bar is the 10–90% range of the median miss, the dot its centre. Overlapping bars = a ranking the sample cannot settle.
Rank stability
How often each manager lands at each rank across the resamples. A dark diagonal is a ranking that holds; a smear is one that does not.
The dilution caveat, made visible
Signed bias per manager before (grey) and after (colour) the assumed dilution above. The caveat moves the sign of the bias, not the order of the desks.
Is the miss a staleness story?
Every grade: how old the last pre-event mark was against how far it missed. The dashed line is your staleness ceiling; click a dot to open the case.
How long the answer takes to reach the books
Days from the event to the first filing that moved the mark, plus the marks still unmoved or awaiting a filing.
The event tape
Every revealed-price event in time — dot size is how many managers were graded, colour the consensus verdict. Click to open the case file.
The books — every SEC-filed private investment, per manager
| # | Manager | Companies | Positions | Disclosed value | Latest report |
|---|---|---|---|---|---|
| Loading… | |||||
Holdings as filed on Form N-PORT — each fund's latest line per company and share class, aggregated per manager. These are carrying values a fiduciary signed, never model marks. Click a manager to open their positions; companies the roster cannot identify appear under their cleaned filer name.
Event case files
| Company · event | Date | Revealed at | Consensus gap | Closest | Graded |
|---|---|---|---|---|---|
| Loading… | |||||