Capital Desk · Published 9 October 2026

Family office: whole-capital comparison under one mandate

SYNTHETIC — a teaching mandate. Not investment advice or a purchase authorisation.

Capital Desk · 78 market-anchored runs · receipt checksums verified · independently verified (verification-5).

What the calculations show: the same-mandate OFZ-ladder portfolio has a whole-capital XIRR of 7.1%. Relative to that portfolio, the liquid route is -0.73 pp in whole-capital XIRR, RUB -52.1m in NPV at the assumed discount rate of 16.0%, and RUB -109.4m in terminal capital. Russian property is -0.83 pp, RUB -59.6m and RUB -125.2m respectively. The tables apply the same comparison to every route, including the fund wrapper, Türkiye and Serbia.

Scope and stress: the gross five-year G-curve yield (16.29%) is a market observation, not a hurdle for whole-capital returns after payouts, reserves and tax. Committed-sleeve XIRR before recipient reserve is a separate diagnostic: 13.1% for the OFZ ladder and 7.3% for liquid. After-reserve yield context for the placed RUB 510m: 13.1% for the ladder (ten staggered maturities) and 13.7% for a single five-year OFZ after the 20% income reserve; the maturity profiles differ, so this is context, and the performance comparison is the portfolio differences above. The modeled advantage reverses in the forced-sale stress; the ladder's whole-capital XIRR is then 6.3%. The regenerated receipts were independently verified.

Base: route minus the same-mandate OFZ-ladder portfolio. ΔNPV at 16.0%; money in RUB m; sleeve XIRR is before recipient reserve.

RouteWhole-capital XIRRΔXIRR, ppΔNPV at 16.0%, RUB mΔend capital, RUB mEnd capital, RUB mSleeve XIRR
Liquid6.3%-0.73-52.1-109.42,898.17.3%
Russian property6.2%-0.83-59.6-125.22,882.36.1%
Fund wrapper5.9%-1.17-83.1-174.62,832.83.8%
Türkiye4.7%-2.32-160.9-338.12,669.4-2.6%
Serbia4.9%-2.21-153.4-322.22,685.2-1.9%
OFZ ladder (benchmark)7.1%0.000.00.03,007.513.1%

OFZ rungs: after reserve 9.6%–13.7% vs gross 12.2%–16.3%; these are individual maturity yields, not whole-capital returns.

Decision: ladder — benchmark for money with agreed maturity dates; liquid — holding position; Russian property — nearest illiquid candidate, WAIT; fund wrapper, Türkiye and Serbia — WAIT. Foreign rents are not market-anchored; all seven execution gates await closure. The modeled advantage reverses in the forced-sale stress.

NPV: analytical sensitivity to assumed discount rates, not a test against the gross G-curve. A negative NPV does not mean a capital loss. Payouts and reserves are included in the portfolio comparison. Full version · Verification scope.

Model capital-desk.d2.v2 · calculator digest 108b5b116cd05001c27e3cb781a4ebb2f043b700c49a04c2bb77d8a2116fafb7 · bundle SHA-256 0ebe4bb686c48fbcc3c95a2f70ed1acacf2edbcee6bb16ea879dfce147ef87ad.

Commands: node verify-d2-receipts.mjs receipts; py tools/memo_tables.py receipts/bundle.json tools/tables-ma.md --variant market-anchored; py tools/fill_memo.py one-pager-en.skeleton.md tools/tables-ma.md one-pager-en.md.

SYNTHETIC. Alexander Krasikov · Capital Desk. Generic benchmarks; issue selection with a licensed adviser. Scenarios are not guarantees. Tax reserves do not close gates.