When a fund holds investments in more than one currency, a quarter-end revaluation often comes down to applying one new exchange rate across many positions. This feature lets you review every open position in a fund, apply an FX rate per currency pair, and save all of the new valuations at once.
This article walks through how to bulk update FMVs and FX rates at the fund level.
Step One: Open a fund's Investments tab and click Update FMVs.
Navigate to the fund you want to revalue and select the Investments tab, located next to Overview and Transactions. Click Update FMVs to open the bulk update screen. To work across every fund at once, open All funds and click Update FMVs there instead. Each row will show a fund label so you can tell positions apart.
Step Two: Confirm the effective date.
The effective date defaults to the most recent quarter end, which covers the most common case of a quarter-end revaluation. Change the date if you are valuing as of a different day. Positions opened after the effective date are left off the list, and a line above the table tells you how many were excluded.
Step Three: Review the FX rate for each currency pair.
Each currency pair in the fund gets one FX rate, prefilled with the spot rate for the effective date. Next to each rate you will see the rate used on the last valuation and the percentage change between the two, so you can quickly spot large moves. To use your own rate (for example, your fund administrator's rate), type it in. The rate will be marked Custom, with a link to switch back to the spot rate. If no spot rate is available for that pair and date, the field will show No spot rate, enter one so you can add the rate you need.
Step Four: Review and edit individual investments.
Each row shows the current FMV, shares, price per share or amount, FX rate, new FMV, and the change. Investments held in a foreign currency are selected by default. Investments in the fund's own currency are not selected, since an FX only update does not change their value, but you can select or edit them like any other row.
For exceptions, you can edit the price per share, amount, FX rate, or add a note on any row. Editing a row automatically selects it. Valuations default to the Exchange rate methodology. If you change the price or amount on a row, that valuation is saved as Other, since it is no longer a pure FX update.
Step Five: Save your updates.
Review the totals and summary line, then click Create # Valuations. Visible creates or updates all of the selected valuations in one pass and returns you to the Investments tab when finished. If a row cannot be saved, Visible shows the reason on that row and nothing from that batch is saved, so you can fix the issue and try again without ending up with a partial update.
Things to know
Investments already valued on the effective date: These rows are labeled Existing value and are updated in place rather than duplicated. If you only change the rate, the original methodology is kept. These rows are not selected by default, so running the update a second time will not accidentally overwrite your first run.
Backdated valuations: If an investment already has a valuation dated after your effective date, saving a valuation for an earlier date does not change its current FMV. These rows show no change, are left out of the total, and are counted in the summary line (for example, "5 of 22 investments selected (1 backdated)"). This is useful for correcting a past quarter, but not for marking the current one.
Share balances: New valuations use the share balance as of the effective date, so a purchase or exit recorded after that date will not affect the valuation.
Warnings to watch for:
Valued after this date: a later valuation already exists for this investment (see backdated valuations above).
Transaction on a later date: shares or cost changed after the effective date, so double check the row.
Unconverted SAFEs and notes: the company raised a priced round after the SAFE or note was issued, but the instrument has not been converted, so it would be valued at cost. Click the link to the company page, convert the instrument there first, and then run the bulk update.
Current limitations: Rates are prefilled from spot rates only. If you use a fund administrator rate, you will need to enter it each time you run an update. The change column compares against today's value rather than the value in effect on a backdated date, and there is not yet an export of the rates and values applied.
Please let us know if you have any questions