The price of a share – the share value or fund price is called the net asset value (NAV). This share value is obtained by dividing the fund assets by the number of shares emitted. Net means that the ongoing costs associated with operating the fund are taken into account or have already been deducted. The NAV is calculated on the basis of the market value of the assets. The NAV reflects the actual value or effective intrinsic value of a share, unlike the market value of the share, which fluctuates according to supply and demand on the stock market. The NAV is calculated after the close of trading using the closing prices of the fund securities and the subscriptions and returns received before the cut-off time. The custodian bank carries out plausibility checks (using tolerance values). The fund management is notified if the NAV seem implausible.
German: Nettoinventarwert (NAV) (562)
Source: SFO D15 2010 m. e. E., 24.04.2010
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