QL Mark Audit · marks vs. what actually happened

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.

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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

ManagerEventsMedian missBias On the markAnticipationRe-mark lagFiled late
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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 books — every SEC-filed private investment, per manager

#ManagerCompaniesPositions Disclosed valueLatest report
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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 · eventDateRevealed atConsensus gap ClosestGraded
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How this is built — and what it cannot tell you the question, the anchor, the grade, and the limits
FAQ — QL Mark Audit

What is QL Mark Audit?

A grading of SEC-filed fund marks on private companies against the price the market later revealed: who marked close, who carried a position rich, who never re-marked — with anticipation and re-mark lag per manager, built from the same filings behind the QL Mark Tape.

Where do the marks come from?

From public SEC filings (for example N-PORT and fund holdings reports) by managers such as Fidelity, T. Rowe Price and BlackRock, matched to the private-company roster.

Does a rich mark mean the fund was wrong?

Not by itself. Marks are graded against the next revealed price, and a dilution tilt is structural — the audit shows the direction and size of the gap per manager rather than a verdict.