The net asset value (NAV) for two Fiera Capital Corporation fixed income funds was misstated earlier this year, the asset manager said Tuesday.
Between May 5 and June 9, the estimated NAV for the Fiera Capital Income Opportunities Fund was 2.86% lower than reported, a Fiera release said.
Between April 9 and July 13, the estimated NAV for the Senior Secured Floating Rate Loan Fund was 0.95% higher than reported.
In both cases, Fiera said, there were redemptions at the originally published NAV. The asset manager said it will correct the errors by reimbursing the Fiera Capital Income Opportunities Fund for the overpayment to unitholders, and by reimbursing unitholders of the Senior Secured Floating Rate Loan Fund.
On June 3, Fiera closed the Capital Income Opportunities Fund to new purchases of Series A and Series F units.
The NAV misstatement resulted from “an administrative error by the fund valuation service provider,” the release said, and Fiera has “implemented steps to prevent recurrence.”
During the market turmoil in March, many bond ETFs traded at double-digit percentage discounts to their NAVs.