Net asset value represents management’s estimate of the fair value of the participating shareholders’ equity of the Corporation. Net asset value is the fair value of Power Corporation’s non-consolidated assets less its net debt and preferred shares.
(1) As a result of Power Corporation's participation in Power Financial's substantial issuer bid in the second quarter of 2019, the number of shares held by the Corporation decreased by 9.1% or 42,436,370 from 467,839,296 to 425,402,926 (equity interest decreased from 65.5% to 64.1%).
(2) Includes cash and performance-related compensation payable related to the Sagard Investment Funds.
(3) The management companies of the Sagard Investment Funds are presented at their carrying value in accordance with IFRS.
(4) Valued at carrying value in accordance with IFRS.
In determining the fair value of assets, investments in subsidiaries and associates are adjusted to fair value as follows:
Investments measured at market value and cash represent 82.9% of the total assets at fair value at September 30, 2019 (82.7% at December 31, 2018).
The presentation of the investments in subsidiaries and associates at fair value is not in accordance with IFRS; net asset value is a non-IFRS financial measure. Refer to the "Non-IFRS Measures and Presentation" section of the Corporation's most recent Management's Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.