UK Accounting Glossary
NAV (Net Asset Value) is a financial entity’s assets minus its liabilities. For funds and trusts, NAV is typically quoted on a per-share or per-unit basis; NAV is calculated as the portfolio value minus any debts, divided by the number of shares or units outstanding. When selling a fund investment, the price is based on NAV minus any redemption or deferred sales fees.
The SEC requires mutual funds and investment trusts to recalculate NAV at least once a day. This is typically done after the major markets close. Being publicly traded, closed-end funds are exempt from daily reporting of NAV. The NAV of major mutual funds are reported much like stock prices and can be found in the financial section of many newspapers.
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This glossary post was last updated: 7th February 2020.