Net Asset Value
net asset value or nav is the term used by funds like mutual and exchange traded funds to represent the value of their underlying assets minus liabilities and divided by outstanding shares. funds are bundles of securities wrapped up in single investment packaging and sold in shares. within the fund, there are lots of things going on. the manager is trading positions. there are gains and losses, taxes and fees. it is a complicated ? that needs nav as a means for establishing a value. funds may determine nav daily, weekly or monthly but it is often calculated after the close of the market each trading day. the assets of the fund are determined based on its shares of various underlying positions and closing price of those positions plus realized gains and minus fees, losses and other expenses. that number is then deduced to a per share representation. fund shares may trade in the market for more or less than are nav. when trading for more than nav, it's called trading at premium. when trading for less than nav, it's referred to as trading at discount. nav can help an investor determine if the fund is overvalued or undervalued by the market because a fund with a low nav that is ? a high price may be overvalued and vice versa. it is also important to measure the economic and news events effecting some of the major underlying positions when determining whether the fund is being over or undervalued.
- net asset value（nav）・・・総資産価値