Highlights
“TagniFi has introduced the Closed-End Fund Tearsheet, an Excel model designed specifically for valuation professionals performing DLOC analysis“
Summary
Business valuation professionals frequently turn to closed-end funds (CEFs) when estimating a discount for lack of control (DLOC). Because CEF shares trade publicly while representing proportional ownership in an underlying portfolio of securities, their trading discounts (or premiums) to net asset value (NAV) provide a valuable real-world reference point for minority ownership pricing.
However, collecting and organizing that data has historically been time-consuming. Analysts often pull NAV and market price information from multiple sources, manually calculate discounts, and then build their own historical summaries before the data can even be used in an analysis.
To streamline that workflow, TagniFi has introduced the Closed-End Fund Tearsheet, an Excel model designed specifically for valuation professionals performing DLOC analysis.
A Faster Way to Analyze Discounts to NAV
The Closed-End Fund Tearsheet centralizes the key data points analysts need to evaluate historical discounts to NAV, including:
-
Historical market prices and NAVs
-
Calculated discount/premium percentages
-
Time-series views of discount behavior
-
Summary statistics useful for valuation reports and workpapers
Rather than spending hours assembling datasets, analysts can quickly review the historical relationship between market price and underlying portfolio value, allowing them to focus on interpretation rather than data preparation.
Designed for Valuation Workflows
The model is built with the needs of valuation practitioners in mind. Whether supporting a fairness opinion, financial reporting valuation, or transaction analysis, the Tearsheet provides a structured framework to:
-
Evaluate historical discount ranges
-
Identify long-term average discounts
-
Support quantitative justification for DLOC assumptions
Because the output is organized in a familiar Excel format, the results can also be easily incorporated into valuation models, reports, or audit documentation.
Turning Market Data into Valuation Insight
Closed-end fund discounts have long been cited in valuation literature, but practical analysis often requires significant manual work. Tools like the Closed-End Fund Tearsheet help bridge that gap by making market-based evidence more accessible and easier to analyze.
For valuation professionals seeking to support their discount for lack of control conclusions with empirical data, the ability to quickly analyze historical discounts to NAV can meaningfully improve both efficiency and analytical depth.
With the Closed-End Fund Tearsheet, TagniFi continues its mission of helping financial professionals spend less time gathering data—and more time generating insight.
How Do I Download the Model?
To download the Closed-End Fund Tearsheet, go to Excel > TagniFi > Models and select the Business Valuation category. Alternatively, you can search for ‘Cl0sed-End Fund Tearsheet’ in the Model Library search bar.