Valuing Marketable Securities Portfolios

BVResearch Pro
Training Event Transcripts
November 23, 2021
Gary Gerlach, CPA/ABV, ASA, CFA, CFE
estate and gift taxation
discount for lack of marketability (DLOM), discounts & premiums, estate & gift, investment, c corporation, s corporation, investment value, holding company


Given the expected reduction in the estate tax exemption, the use of privately-held marketable equity securities (MES) portfolios as a wealth transfer vehicle is likely to increase. Join Gary Gerlach to learn the ins and outs of valuing these investment vehicles. We will cover the use of multiple (free) sources of closed-end mutual fund (CEF) data and discounts and analyze and select guideline CEFs, focusing on metrics such as asset type, concentration and allocation issues, performance, risk-adjusted returns, yield, and credit quality. We will also discuss incorporating the valuation of MES portfolios in real estate holding companies and operating company valuations, valuing MES portfolios consisting of private equity and hedge fund investments, MES portfolios held in corporations, and discount for lack of marketability considerations.
Valuing Marketable Securities Portfolios
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