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    Calculating NAV per share

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    We (the Topaz Fund LP) are invested in several different fund managers. Let's assume that the list
    below includes the managers that we are currently invested in.

    FUND "Value as of
    Sept 30th" "October

    Fund A 4,654,193.21 0.01%
    Fund B 24,872,161.70 1.43%
    Fund C 8,538,897.42 2.00%
    Fund D 12,272,564.96 1.30%
    Fund E 20,461,560.97 0.66%
    Fund F 17,349,801.98 1.20%
    Fund G 3,813,011.87 0.90%
    Fund H 10,717,277.62 1.30%
    CASH 3,800,000.00 0.00%

    As of September 30th, the total number of outstanding investor shares was:

    Total # Topaz Shares 424,192.99882

    During the month of October Topaz had the following cash inflows (subscriptions)
    and outflows (redemptions). Please note that October subscriptions receive value as of
    November 1st. October redemptions are valued as of October 1st (i.e. these accounts do not earn in

    Subscriptions 14,000,000.00
    Redemptions (3,500,000.00)

    At the end of each month, Topaz charges fees of 1% (annualized) on end of month value. Please
    note that September 30th value of holdings (above) are already net of all fees.

    QUESTION: What is the new NAV per share at the end of October?

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    Solution Summary

    The solution calculates the NAV per share.