NAV Verification Pack

Note (dated 2026-08-04): a chain composes independent computations performed in an analytical order. No step's output is carried into the next step by the execution model; each step computes from its own declared inputs. This is true of every chain on this site, including chains whose per-step copy below reads as a data handoff.

Three-node fund NAV verification workflow for administrators and auditors. Stage 1 recomputes NAV per share from declared holdings, accruals, liabilities and shares outstanding under a declared rounding mode, and its component breakdown and input digests feed forward. Stage 2 tests NAV-error materiality against a declared policy and completes the primary path. Stage 3 checks gross/net expense ratios and TER as an INDEPENDENT RIDER off the same declared accrual conventions as Stage 1. It does not depend on Stage 2's output, and Stage 2 does not depend on it.

OpenChainGraph · 3 Nodes attestation mandate · Fan-Out Hash-Anchored §4 Stage 3: Independent Rider Client-Side · Zero PII

Workflow Stages · 3 Nodes · Fan-Out

1 ROOT node

Recompute Fund NAV art-373-recompute-fund-nav

Recomputes NAV per share from supplied holdings (quantity × supplied price, multi-currency with supplied FX), accruals under a declared day-count convention, liabilities, and shares outstanding, using fixed-point BigInt money math and a declared rounding mode. The component breakdown and input digests feed forward to both Stage 2 and Stage 3.

MCP Call · recompute_fund_nav

{
  "jsonrpc": "2.0",
  "method": "tools/call",
  "params": {
    "name": "recompute_fund_nav",
    "arguments": {
      "fund_id": "FUND-STD-01",
      "valuation_date": "2026-07-18",
      "base_currency": "USD",
      "holdings": [
        {"security_id": "SEC-A", "quantity": 1000, "price": 10.005, "currency": "USD", "fx_rate_to_base": 1},
        {"security_id": "SEC-B", "quantity": 500, "price": 20.02, "currency": "USD", "fx_rate_to_base": 1}
      ],
      "accruals": {
        "income": [{"description": "coupon accrual", "principal": 100000, "annual_rate": 0.05, "days": 30, "day_count_convention": "30/360", "currency": "USD", "fx_rate_to_base": 1}],
        "expense": [{"description": "management fee accrual", "amount": 41.6667, "currency": "USD", "fx_rate_to_base": 1}]
      },
      "liabilities": [{"description": "payable to broker", "amount": 500, "currency": "USD", "fx_rate_to_base": 1}],
      "shares_outstanding": 15000,
      "rounding": {"decimal_places": 2, "mode": "half_up"}
    }
  },
  "id": 1
}

↓

2 PRIMARY PATH node

Test NAV-Error Materiality art-374-test-nav-error-materiality

Compares an erroneous NAV-per-share (e.g. the last-published figure) against the Stage 1 corrected NAV-per-share against a declared materiality policy (the industry half-cent absolute and 1% relative conventions, or the fund's own declared policy). Returns a material/immaterial verdict, affected-period math, and a reprocessing-need indication: the fund-ops incident artifact that completes the primary NAV-verification path.

MCP Call · test_nav_error_materiality

{
  "jsonrpc": "2.0",
  "method": "tools/call",
  "params": {
    "name": "test_nav_error_materiality",
    "arguments": {
      "fund_id": "FUND-STD-01",
      "valuation_date": "2026-07-18",
      "erroneous_nav_per_share": 10.75,
      "corrected_nav_per_share": 10.68
    }
  },
  "id": 2
}

⇱

3 INDEPENDENT RIDER · branches from Stage 1 rider

BRANCHES FROM: art-373-recompute-fund-nav | NOT sequential on Stage 2

Compute Fund Expense Ratios art-375-compute-fund-expense-ratios

Computes gross and net expense ratios and Total Expense Ratio (TER) from supplied gross expense components, using the SAME declared accrual conventions as Stage 1, and average net assets, applying any declared fee waivers/caps strictly in a declared order. This runs independently of Stage 2: it does not consume the materiality verdict, and Stage 2 does not consume this result.

MCP Call · compute_fund_expense_ratios

{
  "jsonrpc": "2.0",
  "method": "tools/call",
  "params": {
    "name": "compute_fund_expense_ratios",
    "arguments": {
      "fund_id": "FUND-STD-01",
      "period_start": "2026-01-01",
      "period_end": "2026-12-31",
      "average_net_assets": 100000000,
      "gross_expense_components": [
        {"description": "management fee", "principal": 100000000, "annual_rate": 0.0075, "days": 365, "day_count_convention": "actual/365"},
        {"description": "admin fee", "amount": 150000},
        {"description": "12b-1 fee", "amount": 100000}
      ],
      "waivers": [],
      "rounding": {"decimal_places": 4, "mode": "half_up"}
    }
  },
  "id": 3
}

Question: A fund's stated NAV is a tenth of a cent high. Does the materiality test oblige a restatement? Run the AINumbers MCP tool `run_chain` with {"chain":"nav-verification-pack"} and read `art-374-test-nav-error-materiality.industry_convention.material`. Re-run with `inputs` for `art-374-test-nav-error-materiality`, reusing the values that result echoed, with `corrected_nav_per_share` changed so the corrected NAV is 9.90. Compare the same field. Verify: call `verify_execution_hash` (https://mcp.ainumbers.co/mcp) with `claimed_hash` set to `composite_execution_hash` and the full `composite_artifact`. Ledger, for a human re-check: https://ledger.ainumbers.co/ PII rule: send synthetic or anonymised inputs only. The MCP server runs these kernels and logs no payloads. Chain page: https://ainumbers.co/chaingraph/chains/nav-verification-pack.html

NAV Verification Pack

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