These simple measures of support do not take into account two very important factors. First, if support had not been provided to the funds, it is likely that increased investor redemptions would have resulted and reduced each fund’s AUM, thus magnifying the impact of the losses for remaining investors. 19 Second, the use of a threshold is conservative because it assumes that there are no unsupported losses in each supported fund. For example, if a fund had a total combined realized and unrealized loss of , support of only would be enough to prevent the market value NAV.
