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Fair Value Pricing Survey, Tenth Edition

Looking back and looking forward: Perspectives on fair value — past, present, and future

The Deloitte Fair Value Pricing Survey was developed to help mutual fund firms benchmark their valuation policies and procedures to others in the industry.

The 10th annual survey shows mutual fund firms continue to refine their fair valuation practices and procedures, especially as external events inevitably force the industry to react.

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The results of this survey show that mutual fund firms continue to refine their fair valuation practices and procedures, especially as external events inevitably force the industry to react.

Fair Value Pricing Survey, Tenth Edition

When Deloitte issued its first Fair Value Pricing Survey just over ten years ago, our goal was to help mutual fund firms benchmark their valuation policies and procedures to others in the industry. Since that first survey, Deloitte’s Asset Management Services practice has been compiling, analyzing, and discussing industry valuation trends with mutual fund executives, fund board directors, regulators, and many others to help identify effective practices and emerging approaches, as well as capture industry reactions to significant market fluctuations and other events. Today, participation in the survey has grown to 87 U.S. asset management firms, representing more than $5 trillion in assets under management.

While our survey findings have changed over the years, what is most telling is what didn’t change: valuation never wavered as a top issue and a top risk for mutual funds. As we look back on our survey findings over the past decade, five key themes emerge:

  • Greater focus on foreign securities
  • Participation of third-party pricing vendors
  • Firm size less of a factor
  • Formalization of valuation controls and due diligence
  • Valuation governance a perennial top-of-mind issue

In this tenth edition, new survey questions shed light on governance and oversight, risk management, technology, and human resources. The survey shows mutual fund firms continue to refine their fair valuation practices and procedures, especially as external events inevitably force the industry to react. 

Fair Value Pricing Survey, Tenth Edition
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