About this video
The finale: Ellie computes the investor's blended return across both funds and shows what the asset-level catch would have cost if it had reached the investor unchecked.
Full description
Part 4 of the Seorim walkthrough, at the investor level (APPIB, the Aldermere pension board, invested in both Seorim funds). Ellie computes APPIB's blended net return across both funds, splits property from currency (overseas fund 3.5 percent local, 1.5 percent in won after a 2 percent FX drag), and answers the governance question directly: if the Caldwyn correction had not been caught, APPIB would have been reported 3.75 percent instead of the corrected 3.68 percent, a 7 bps overstatement (about 1.08bn won across the fund). Closes on the investor dashboard, where the audit trail runs from the blended return down to the fund, the SPV, the corrected asset NOI, and the Caldwyn lease amendment, every number defensible to source. English narration.
Key points
- Blended net return across both funds, NAV-weighted and tied to source
- Property vs currency: overseas fund 1.5 percent in won after a 2 percent FX drag
- Avoided misstatement: 3.75 percent would have gone to the investor vs corrected 3.68 percent
- Audit trail from blended return to fund to SPV to asset NOI to the lease clause
- Every number in front of the investor defensible to its source
Video details
- Roles
- Investor / LP, Portfolio Manager, Asset Manager, Compliance / Risk
- Processes
- Asset Management, Risk & Compliance
- Geographies
- APAC
- Markets
- South Korea
- Tags
- seorim, walkthrough, investor-level