1. Cut-off mismatch
Slides use T+0 closes; the ledger still reflects T+1 cash. The percentage looks fine until you bridge subscriptions.
2. FX rate shopping
Domestic packs use one bank board rate; English packs use a WM fix. Neither is wrong—undisclosed switching is.
3. Accrual silence
Incentive accruals move NAV while commentary still says ‘fees unchanged.’
4. Inter-vehicle transfers
Transfers between sleeves appear as performance in one report and as flows in another.
5. Quiet prior-period edits
Last quarter’s table quietly updates without a restatement note. Compare PDF hashes or locked exports when possible.
NAV Bridge Intensive walks teams through a ladder that forces each of these into the exception log before narrative polish begins.