Refugio Research · Audit · NAV per share

Audit: NAV per share — ACAP Strategic Fund

Latest observation · Semiannual shareholder report (Form N-CSRS) · filed 2026-06-05 · period 2026-03-31

canonical class (Class A) headline, basis: Statement of Assets and Liabilities (direct, not derived) — Statement of Assets and Liabilities: 'Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $28.29 $7,740,460,123 Class W 121,028,820 $21.57 $2,610,231,888' (identity: 7,740,460,123/273,640,547 = $28.288..., ties disclosed $28.29; 2,610,231,888/121,028,820 = $21.568..., ties disclosed $21.57). Corroborated by Note 15 'Financial Highlights', two separate tables headed 'Class A' and 'Class W' respectively, each independently showing 'Net asset value per Share, end of period' matching the balance-sheet figures for the six months ended March 31, 2026. Class A is canonical: listed first throughout, ~74.8% of both shares and net assets. Operator-ratified: do NOT blend Class A and Class W (a ~24% structural difference, not fee timing).

“Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $ 28.29 $ 7,740,460,123 Class W 121,028,820 $ 21.57 $ 2,610,231,888”

Method Matched text template against the filing

Open the filing on SEC.gov

Technical locator

https://www.sec.gov/Archives/edgar/data/1467631/000120677426000313/acap4627181-ncsrs.htm | canonical class (Class A) headline, basis: Statement of Assets and Liabilities (direct, not derived) | Statement of Assets and Liabilities: 'Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $28.29 $7,740,460,123 Class W 121,028,820 $21.57 $2,610,231,888' (identity: 7,740,460,123/273,640,547 = $28.288..., ties disclosed $28.29; 2,610,231,888/121,028,820 = $21.568..., ties disclosed $21.57). Corroborated by Note 15 'Financial Highlights', two separate tables headed 'Class A' and 'Class W' respectively, each independently showing 'Net asset value per Share, end of period' matching the balance-sheet figures for the six months ended March 31, 2026. Class A is canonical: listed first throughout, ~74.8% of both shares and net assets. Operator-ratified: do NOT blend Class A and Class W (a ~24% structural difference, not fee timing).

Extraction tiers, explained

Every stored observation below, newest first, with its extraction tier, the exact filing it came from, and the verbatim snippet it was read from. Derived values state their formula and constituent figures in the source line. Tiers: T1 = structured XBRL tag; T2 = matched text template; T3/R3 = narrative/term extraction.

Period	Value	Tier	Source filing	Provenance
2026-03-31	28.29	T2	N-CSRS 2026-06-05	https://www.sec.gov/Archives/edgar/data/1467631/000120677426000313/acap4627181-ncsrs.htm \| canonical class (Cl… https://www.sec.gov/Archives/edgar/data/1467631/000120677426000313/acap4627181-ncsrs.htm \| canonical class (Class A) headline, basis: Statement of Assets and Liabilities (direct, not derived) \| Statement of Assets and Liabilities: 'Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $28.29 $7,740,460,123 Class W 121,028,820 $21.57 $2,610,231,888' (identity: 7,740,460,123/273,640,547 = $28.288..., ties disclosed $28.29; 2,610,231,888/121,028,820 = $21.568..., ties disclosed $21.57). Corroborated by Note 15 'Financial Highlights', two separate tables headed 'Class A' and 'Class W' respectively, each independently showing 'Net asset value per Share, end of period' matching the balance-sheet figures for the six months ended March 31, 2026. Class A is canonical: listed first throughout, ~74.8% of both shares and net assets. Operator-ratified: do NOT blend Class A and Class W (a ~24% structural difference, not fee timing). “Shares issued and outstanding Net Asset Value per share Net Assets Class A 273,640,547 $ 28.29 $ 7,740,460,123 Class W 121,028,820 $ 21.57 $ 2,610,231,888” extracted 2026-07-11T17:22:17 · confidence 0.95