As a holder of all CD funds, I wish the marks were reasonable however I know they are not.
We invest in private equity and secondary funds who buy LP stakes in the secondary market. PE funds have lots of discretions with marks on their unlisted investments and it's in their interests to mark up, not mark down. They want to show great IRR's so they can raise further funds and collect more fees. They are much much slower to mark down on the way down. Just read about Tiger Globals private book or Canva articles.
The secondary funds we invest in often buy LP stakes in PE funds at 30-70% discounts. That is not a misprint, 70% discounts to manager NAV are not unusual in secondary sales.
So take the NTA with a grain of salt and in your model assume discounts, especially since we have no insight into the underlying holdings.
CD3 Price at posting:
$1.39 Sentiment: Hold Disclosure: Held
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