Equity · Core
Net Asset Value
NAV is the fund’s assets minus liabilities, per share — the accounting price at which open-end vehicles deal.
Definition
NAV/share = (assets − liabilities) / shares. ETFs have an iNAV all day; mutual funds strike once. Stale marks (credit, PE, real estate) make NAV a policy, not a print. Premium/discount is market price vs that policy.
Why it matters
Create/redeem, swing pricing, and gated funds all argue about whose NAV. A stale NAV is a transfer between buyers and sellers.
Case
A weekly-dealing PE fund of funds with a NAV that updates on GP marks two months late. Secondary bids are 15% back; the NAV is a diary.
How to read it
Marking policy and dealing calendar. Trade the discount only if you know when the NAV can move.
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