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Rating:Evergreen’s Valuation Troubles Continue Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 12, 2009

Evergreen’s Valuation Troubles Continue

by: Meredith Mazzilli

Fundsters may have to prepare themselves to hear more unsettling downward valuation adjustments in the near future. This Friday’s WSJ Fund Track provided a summary of a fund company’s valuation woes, and suggested that a trend of industry-wide investigative and corrective actions may be on the horizon.

Evergreen Investments reportedly told clients that it will revisit the valuation of more funds that contain similar securities to the Diversified Income Builder Fund, which suffered a downward revision in March. Evergreen claimed that a collateralized debt obligation held in the fund’s portfolio had been inaccurately valued for nearly two years.

Evergreen’s fund revaluation appears to be part of a wider valuation crackdown—the Massachusetts Securities Division will be taking a close look at other fund firms’ valuation practices. The SEC hasn’t revealed any specific fund firms that will be under fire, but a representative noted that “the investigation related to this matter is ongoing.” Evergreen was assigned fines upwards of $40 million earlier this week in connection with allegations that the value of its Ultra Short Opportunities Fund was also overstated (see The MFWire, 6/08/2009). 

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