--- url: /docs/portfolio-03-advanced-and-customization.md --- # Portfolio — Advanced & Customization ## Import and export behavior Import and export both run in your browser rather than as a background server job: * **Import** submits each row one at a time. On a large file, this takes longer than a single bulk upload would, and if a row fails, you'll see a generic failure message for that row rather than a specific reason — try correcting the most likely issue (a missing required field, or a value in the wrong format) and re-importing just that row. * **Export** downloads up to 200 companies at a time. If your portfolio has more than 200 companies, export in batches using the status, sector, or stage filters to split the list. * **HQ country isn't imported or exported yet.** Set it on each company, or from the Unassigned notice on the Geography page. ## Cap table rules Two rules govern what you can record on a company's cap table: * A funding round's participants must belong to the **same company** as the round itself — you can't record a shareholder's participation in another company's round. * Option grants can only be made against a shareholder whose type is **option pool** — you can't grant options directly against a founder, investor, or employee shareholder record. ## How tear sheets work * **Read as of the date:** the valuation is the latest dated valuation on or before it, financials are the latest confirmed month up to it, and health is assessed as of that day. Anything recorded for later dates is left out. * **The quarter** is the three calendar months ending with the date's month: a tear sheet as of 30 September covers 1 July to 30 September, and the valuation change compares the start of July with 30 September. * **Fixed once made:** a tear sheet is a record of what was shared, so its figures never change, even if valuations or financials are corrected later. Only the commentary can be edited. To show corrected figures, create a new tear sheet. * **Currencies:** the position and valuation are shown in your firm's base currency; financials are shown in the company's own currency. * **Multiples:** MOIC, TVPI, and DPI use your stake at the valuation as of the date (that valuation × your ownership %), with the company's invested and realized capital as they are today. * **Tear sheets made before stake values** (October 2026) used the whole company's valuation in their multiples. They keep those figures; create a new tear sheet to get the corrected ones. ## How valuation history works * **The current valuation is always the latest one.** Adding a valuation dated after every other one makes it current; deleting the latest makes the previous one current. Your stake value, and so MOIC, TVPI, RVPI, and the Command Center, use the current valuation, so they move with it. * **One valuation per date.** Adding a valuation on a date that already has one replaces it. Editing the current valuation twice on the same day leaves one point for that day, at the second amount. * **Recorded for you:** when a company is added, its entry valuation is recorded on its entry date, and its current valuation on that day. Changing the entry date or entry valuation moves that record. These show as **Entry valuation** and **Company update**. * **No future dates.** Valuations record what a company was worth, so they can be dated up to today. ## How figures are read and checked **What gets read.** Cairn reads three statements and five KPIs: | Statement | What's read | How amounts are stored | |---|---|---| | Profit and loss | Revenue, cost of revenue, operating expenses, depreciation, interest, other income, and taxes | Costs as positive amounts; other income or expense with its sign | | Balance sheet | Cash, receivables, other current assets, property and equipment, other assets, payables, deferred revenue, other current liabilities, debt, other liabilities, and equity | Month-end balances: assets and liabilities positive, equity with its sign (negative for an accumulated deficit) | | Cash flow | Operating, investing, and financing activities | The month's flows: money in positive, money out negative | | KPIs | Cash balance, monthly burn, runway, ARR, and headcount | As reported | Cairn works out total assets, total liabilities, and net cash flow from these, alongside gross profit, EBITDA, and net income. **Cash and burn.** Wherever Cairn uses cash or burn (runway, health, alerts, the Command Center, tear sheets, and LP letters): * **Cash** is the cash balance the company reported, else the cash on its balance sheet. * **Monthly burn** is the burn the company reported, else the cash used by its operating and investing activities that month (zero if they brought cash in). * **Runway** is the runway the company reported, else cash ÷ burn. **Units apply to money only.** When a document is in thousands or millions, Cairn scales its money amounts. Headcount and runway (in months) are kept as written: a headcount of 91 in a "$000s" pack stays 91. A line without a category is treated as money until you pick one; picking **Headcount** or **Runway** for it puts it back to the number in the document, unless you've typed your own amount. **Quarters, year-to-date, and full years.** Only single-month figures are stored. Quarterly, year-to-date, and annual columns are listed separately on the review page as "not counted", so nothing in the document goes unseen. **Checks before confirming.** Every reading is checked, and the results show under **Before you confirm**: | Check | Severity | |---|---| | Lines without a category | Must fix | | Revenue far from the company's usual level, which usually means the wrong units (thousands vs. millions) | Must fix | | Lines that don't add up to the monthly totals stated in the document, including total assets and total liabilities | Check | | Negative revenue or costs | Check | | The balance sheet doesn't balance: assets differ from liabilities plus equity by more than 1% | Check | | Negative assets or liabilities (equity can be negative) | Check | | Months missing within the period covered | Check | | Quarterly, year-to-date, or annual values that won't be counted | Note | | Months that already have confirmed figures | Note | The totals check and the balance sheet check wait until every line in a month has a category, so they don't flag gaps that are only lines you haven't categorized yet. Quarterly and year-to-date totals aren't compared with the months. **Remembered categories.** When you pick a category for a line, Cairn remembers it for that company. Next time a document uses the same line label, it's categorized automatically with **High** confidence. **Replacing earlier figures.** Confirming figures for a month that already has confirmed figures replaces them, and the earlier reading is marked **Superseded**. Each confirmation is recorded in the audit log. **Deleting a document.** Deleting a document also deletes any unconfirmed reading of it. Figures already confirmed from it stay. **Currency.** Each company's figures stay in the currency of its documents; Cairn doesn't convert them to your base currency. ## How data requests work * **One link per request.** Each request has its own long, random link. It only lets someone see that request and send files or figures to it; it shows nothing else about your firm or the company. * **When a link stops working:** when you close the request, when you replace its link (the old one stops at once), or 60 days after the due date. * **Statuses:** **Waiting** (nothing received, not yet due), **Overdue** (past the due date with nothing received), **Received** (something has arrived), and **Closed** (the link no longer works). **Needs review** is added while a reading from the request is still a draft. * **One open request per company and period.** You can't ask a company for "Q3 2026" twice while the first request is open. Close it first. * **Files are read on arrival.** Each file becomes one of the company's documents and is read straight away, the same way **Read figures** reads it, so it uses your firm's AI credits. A read that hasn't finished after 10 minutes is shown as failed. * **Typed-in figures** become a small document named, for example, "Submitted figures - Sep 2026.csv", with a reading whose categories are already set: recurring revenue to **Revenue › Recurring**, other revenue to **Revenue › Non-recurring**, and cash balance, monthly burn, ARR, and headcount to their KPIs. No AI is used. * **Nothing counts until confirmed.** Whatever a company sends is a draft until someone on your team confirms it, like any other reading. * **Limits:** the usual upload rules (PDF, .xlsx, or .csv, up to 25MB each), and up to 20 files and 20 sets of typed-in figures per request. * **Recorded in the audit log:** creating, closing, and replacing the link of a request, and everything a company sends, with the sender's name and email. ## How health is worked out Health comes from fixed rules applied to a company's confirmed monthly figures. Trends compare the average of the last three months with the average of the three months before. | Reason | Watch | At risk | |---|---|---| | Runway | Under 12 months | Under 6 months | | Revenue trend | Down more than 10% | Down more than 25% | | Monthly burn trend | Up more than 25% | — | * **Runway** is the runway the company reported. Otherwise Cairn uses cash ÷ burn, where cash and burn may come from the balance sheet and cash flow (see [How figures are read and checked](#how-figures-are-read-and-checked)). * **Revenue up more than 10%** is shown as a good sign. It explains a Healthy status but never changes the status. * **The worst reason wins.** One At risk reason makes the company At risk, even if everything else looks fine. * **Trends need enough months.** Each three-month window needs at least two months of figures. A company without enough figures for any reason shows **Too early**. * **Old figures.** When the latest figures are more than three months old, the status is **Not recent**. The reasons are still listed, but they describe the past. Health is shown as a status with reasons rather than a score out of 100: a few months of figures can't support that kind of precision, and every status explains itself. ## How stake value and multiples work * **Stake value = current valuation × ownership %.** A company valued at $31M where you own 12% gives a stake worth $3.72M. * **MOIC and TVPI = (realized + stake value) ÷ invested; RVPI = stake value ÷ invested; DPI = realized ÷ invested.** * **The whole valuation is never your value.** Before October 2026, Cairn divided the company's whole valuation by what you invested: the company above, with $4M invested, showed 7.75x when the stake was worth 0.93x. Multiples are now always based on the stake. * **No ownership %, no stake value.** MOIC, TVPI, and RVPI show **—** and the company page asks for the ownership %. DPI still shows. Portfolio totals leave such companies out and say how many. * **Ownership is a percentage** (12 means 12%), from 0 to 100. * **Checked against the cap table.** Your ownership on the cap table is that of the shareholders marked as one of the company's funds (**Your fund**). If it differs from the ownership % by more than one percentage point, the company page says so. Multiples use the ownership %. On a cap table with no shareholder marked, Cairn falls back to investors named after one of the company's funds. ## How company IRR is worked out * **From the investment ledger:** each investment is money out on its date, each realization money back on its date, and today's stake value is what's left. Once a company is exited or written off, nothing is left. IRR is the annual rate that makes those add up (XIRR), the same calculation as a fund's IRR. * **When there's no IRR yet,** the company page says why: there are no entries, an entry has no date, or there's no stake value (no ownership %). * **A hand-typed IRR** from before the ledger is still shown, marked **Entered by hand**, until the ledger can calculate one. * **Invested and realized** are the totals of the ledger's entries. They can't be typed in; record, change, or delete entries instead. ## A company held by more than one fund Each entry can belong to a fund. When a company's entries span funds, the **Investments** card shows each fund's invested, realized, stake value, and IRR. The stake is split between funds by what each put in, net of what it got back. That's an approximation: funds that invested at different prices own different shares per dollar. ## Investments converted from earlier totals When the investment ledger arrived, each company's existing totals became entries: invested as one investment on the company's entry date, and realized as one realization with no date. The fund is set when the company is linked to exactly one. Converted entries are noted as converted, and you can change, split, or replace them. ## How geographic exposure is worked out * **By HQ country.** Each company counts in one country: where it's headquartered. Where it operates or sells isn't used yet. * **NAV is the stake value** (current valuation × ownership %). A country's share of NAV is its NAV ÷ the NAV of everything shown. * **Ratios come from totals, never averages.** A country's TVPI is (realized + NAV) ÷ invested, and DPI is realized ÷ invested, over all its companies. TVPI only counts companies that have a stake value; if none do, it shows **—**. DPI counts every company. * **At risk** is the share of a country's NAV in companies whose health is At risk. * **With a fund filter,** each company's figures are that fund's share, worked out the same way as on the company's **Investments** card (see [A company held by more than one fund](#a-company-held-by-more-than-one-fund)). Entries with no fund count for a fund only when it's the company's only fund. A **vintage** filter does the same for every fund of that vintage. * **Amounts are in your firm's base currency.** ## How countries are recognised * An HQ country you type is accepted as a country name (including common forms such as "USA" or "United Kingdom") or as a two- or three-letter ISO code. Anything else is refused with a message, rather than guessed. * When HQ country arrived, Cairn filled it in for existing companies only where the HQ location names a country outright, such as "London, UK" or "Munich, Germany". It never guesses from a city or a state: "Toronto" and "San Francisco, CA" stay Unassigned, since "CA" could be California or Canada. * **Nothing is sent outside Cairn.** Countries are matched against a list built into Cairn, and the map is drawn in your browser, with no map service involved.