Each morning the daily NAV is pulled straight from where the numbers live — Excel, the custodian, the prime broker, the order system. Tap one thing to break it and see the wrong number get stopped at the gate, before a single investor sees it.
The daily close, end to end. Sources feed the number; the number goes to investors — unless it's wrong.
Live sources
Break something — the three ways a real close goes wrong:
What you just saw: the number is guilty until every source ties out. A price gate, a position-and-cash reconciliation, and a day-move check each catch a different kind of wrong — and any one of them can hold the whole close. Synthetic fund, synthetic data; the posture is real.