Ten12 Information

Ten12 is focused on difficult to price securities. We create investor consensus prices for 300,000+ securities by crowdsourcing prices from thousands of institutional investors. As such, unlike broker quotes, 100% of the prices used by Ten12 have a regulatory obligation for accuracy. Ten12’s Value Propositions: • Revalue a fund’s holdings using consensus prices to create a “peer” NAV that can be directly compared to a fund’s reported NAV. • Identify valuation outliers, including level II and III securities, that are driving the difference between a fund’s reported NAV and the fund’s revalued Peer NAV. • Focus internal valuation discussions on outliers (e.g., avoid prolonged discussions on non-outliers). • Protect against bias and fraud. • Change nothing. Ten12 is a cloud-based overlay to your current infrastructure. Each day Ten12 sees over 100,000 differences between institutional investors on the held price of the exact same security. Valuation risk is receiving increased regulatory attention. In December of 2020, the SEC enacted, what is described as the first comprehensive valuation rule in over 50 years. New SEC Rule 2a-5 requires a fund’s board to assess material valuation risks, and to evaluate any pricing service used. A great way to assess and evaluate anything is to compare it to others, and that is precisely what ten12 does. We compare a fund security prices to the prices of other institutional investors, lots and lots of other institutional investors. Although the new SEC rule only applies to public funds properly assessing valuation risk is a best practice for all funds, whether they are mutual funds, hedge funds or pension funds.