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To access the analytical process

Select the botton in the Investor Dashboard or

Choose the menu “Aggregate Portfolio”

To navigate within the process see the Navigation documentation

Step 1: Output Total Portfolio

Info

This detailed report allows to drill into the details.

  • Identify top performing funds per metric

  • compare the performance by fund breakdown category

  • Identify sub-categories e.g. Tech Europe

It shows the key data of each individual fund and allow to aggregate by multiple dimensions.

How to use the capability

Step 2: Charts

Info

The Charts-Step visualize for the investor

  1. Composition of the portfolio performance

  2. Value development over time

  3. Cash flow overview

Anchor
Development-of-value
Development-of-value
Chart 1: Development of value

Info

  • Composition of the portfolio performance

  • on aggregate portfolio or individual fund level

  • per investment vehicle

How to use the capability

  1. The first chart is a waterfall as we have seen it on the “investor report earlier”

    1. Aggregate portfolio

    2. select Investment vehicle

    3. select a single fund

    4. Switch back to Fund “aggregate Portfolio”

  2. Press Next to switch to chart 2

For explaination of the value please consult the Glossary

Chart 2: Aggregate Portfolio Development

Info

Value development over time and the projected NAV and distribution

  • This report show the development of the portfolio

  • Cash flow projections are important to plan liquidity

  1. Up to the last reported quarter: actuals

    • grey: the NAV of the invested companies

    • blue the cumulative distributions

    • red line: cumulative contributions

  2. after last reported quarter: projections

    • This projection is based on the current portfolio, assuming there are no new funds added.

    • The projection is based on the Takahashi-Alexander Model, also know as the Yale model. The model requires to define for each fund a distributions and contribution model.
      to change the projection assumptions per fund please consult the documentation

    • The projection can be fine tuned by the LP or data can also be purchased from dataprovider like Prequin.

For more details to the projection methods consult Projection Methods /wiki/spaces/LPPM/pages/2426863620

Chart 3: Cash Flow Overview

Info

The Cash Flow Overview Chart shows the development of the total

  • distributions (blue) and

  • contributions (red) and the

  • Net invested capital (grey) -the J curve

Step 3: Actuals

Info

The value of actuals reports are the ability to investigate further

Actuals 1: Summary

If you would like dive deeper into the data, in the next report the data is listed in a table.

How to use the fuctionality

  1. Possible actions

    1. Change “years actuals” from 5 to 10

    2. Crossdrill on “Distributions” in the “Actuals EUR” Table by “Geography”
      open DACH and show the Papaya funds to be found

    3. Use “Investment Vehicle” drill down

  2. Find out what funds contributed to the Q3 distributions:
    right-click on row header and “drill-down” by Fund

  3. “Last Quarter YoY” Card compares the Year over Year development

  4. “Normalized Investment Performance” reports the created value add by the fund.

Actuals 2: Aggregate Portfolio Overview - Actuals

Info

nearly the same report as the one before, instead of quarter - on focus on years

Step 4: Region and Sector analysis

Info

This report allows to understand the geographical and sector allocation and in what industries the capital is invested

  1. Aggregate Portfolio per Breakdown

  2. Pie Chart per Breakdown

  3. Cluster Diagram per breakdown

All the funds have been decomposed to show their share in the different regions

Region Breakdown

How to use the functionality

  1. Potential actions:

  2. Choose Fund to show the split up

    • Drill into Europe to show the DACH hierarchy

  3. Switch back “fund” to aggregate portfolio

Sector breakdown

Step 5: Projections

Info

Projections are a tricky business, however having a model in place help to articulate expectations and allows to plan cash-flows more reliably.

Projections I

Info

the projection of the cash-flow and the portfolio value for the coming quarters

How to use the functionality

  • Change the years projections

  • The “Projected NAV + Distributions” is taking the Distributions of the current quarter into account. This is the Discounted Cash Flow (DCF) for the IRR calculation applied in the model.

  • Learn more about the Apliqo Projection method

  • Export to Excel

Projections 2: Aggregate Portfolio overview - Projections

Info

  • the projection of the cash-flow and the portfolio value for the coming years

  • clearly a longterm view with many risks to appear, but based on the historic performance of the asset class.