glossary · what it means in a filing
also called balance sheet tie-out · publishability test
A reconciliation gate is a test that a fund’s position-level disclosure adds up to the total it reports on its own balance sheet, within a stated tolerance.
Nothing requires the two to be presented together, and they do not always agree. A schedule that does not tie out may be missing positions, or double counting them — either way, a figure drawn from it cannot be defended.
Each schedule must tie back within 0.5%. As of 31 March 2026, 87 of 168 funds clear that gate, covering $350.3bn of $531.9bn of reported assets. The funds that fail it are excluded rather than adjusted.