Field notes · 2026-01-08
Reading NAV Tables with Partners
How to walk a partner group through NAV movement without losing the room to accounting jargon.
NAV tables intimidate when every column competes for attention. Highlight three movements: capital in, capital out, and valuation change. Everything else supports those three.
Print a large version for the room or pin the table at the top of the shared screen before discussion starts. Partners who can see the ending NAV while they talk interrupt less.
Use colour sparingly. One accent for positive valuation change and one for capital returned is enough. Rainbow formatting turns a serious pack into a poster.
When a single holding drives most of the quarter’s change, say so early. Silence invites speculation; a clear attribution keeps the conversation on facts your accountant already signed.
End the NAV section with an open question list the managing partner can answer in the room. Prepared answers beat improvisation when LPs join by phone.