If you ask “how is portfolio accounting different from fund accounting,” you raise a legitimate point. It would not be incorrect to say “same thing,” but at Nottingham we view the functions a bit different. Fund accounting uses share balances to calculate a net asset value per share. Portfolio accounting takes the total value of a portfolio and allocates by percentages of ownership. Another way of looking at the comparison is the tax reporting. Net asset value reporting results in 1099s while portfolio accounting results in K-1 partnership allocations. Nottingham is one of the few fund administration firms in the industry with such significant expertise in both types of structures.