Every number, traced to its filing

14 October 2026 · 4 min read

Semiliquid funds are sold on a handful of numbers: a distribution rate, an expense ratio, a repurchase policy. Each of those numbers hides a choice. Which share class? Which period? Gross or net of borrowing? Is the yield income, or the investor’s own money coming back? Advisors deserve to see the choice, and the source, behind every figure.

Know where you stand

Kesta has a new identity, and it says what we do in four words. Know where you stand: where a fund sits against its peers on cost, liquidity and risk, and where your client stands if they need to get out. Same principles as before. We say it plainly, we stay on the advisor’s side, and we show the receipts. We don’t take a dollar from the funds we cover.

Tracer

Tracer is the research agent inside the Kesta terminal. Ask it about the whole universe or a single fund in plain English: which funds are prorating redemptions this quarter, who else holds the same loans, which BDCs combine yield with size. It works through the same data as the terminal, shows each step, and lists the filings it read.

Every investigation ends in a verdict. The number is as expected; or it is right on a different basis than the question assumed; or a known limitation of the data applies; or it looks wrong, in which case Tracer files it for review rather than patching it. An answer that contains a number found in no source is rejected. Tracer is read-only and never recommends a fund.

Deeper fund profiles

Fee tables by share class, with cost shown with and without borrowing, and the prospectus date on every cost.
Tender and repurchase history: offered versus tendered, proration and the last fill.
Distribution character: income, gains and return of capital, including the split REITs report in their annual filings.
Tax reporting form, 1099-DIV or K-1, and dated structural events such as listings, conversions and mergers.
Benchmarks, exchange liquidity for listed funds, and SEC provenance on fee tables and offers.

Tracer is available by invitation to Kesta customers today. Book a walkthrough and we will show it to you on the funds you already hold.