The working price tag on a fund’s balance sheet, struck by totalling every asset at its prevailing fair value and subtracting liabilities down to the last accrued fee. For open-ended vehicles the figure divides by outstanding shares or units, minting the subscription and redemption price that governs daily cash in- and out-flows. Administrators feed the calculation with market closes for listed instruments and model-weighted estimates for Level-three holdings, all time-stamped to a valuation point fixed in the prospectus.
Corporate-action accruals, performance fees, swing-pricing triggers, and foreign-exchange translations adjust the mix before control totals lock the number and auditors sign the tie-out. A clean NAV keeps dilution risk in check, aligns performance records across vintages, and underpins leverage covenants that key off asset coverage ratios.
