What NAV means, and why the number on the AMC site may differ from ours
Net asset value is the price of one unit, but there is more than one NAV and more than one date. Here is how to read the figure you are shown.
These figures update themselves. Every number below is recalculated from NAV history each day, so this page is current as of 24 September 2026 rather than the day it was written.
NAV is the single number every fund publishes and the one most often misread. It stands for net asset value: everything the fund owns, minus what it owes, divided by the number of units in issue.
That definition is easy. The complications are in the details around it.
There is more than one NAV
Most fund managers publish two figures, and they are not the same thing.
NAV at market value prices each holding at what it would fetch today. NAV at cost prices holdings at what the fund paid for them. When a portfolio has risen, the cost-based figure is lower, sometimes considerably.
Try it: move the market
NAV at market value10.00
NAV at cost10.00
The holdings are worth what the fund paid, so both NAVs match.
Every return figure on this site is built on market-value NAV, because that is what your units are actually worth. It is also why the fund inclusion policy here excludes managers who only publish cost-based prices: the number cannot be compared against a market-priced fund without misleading you.
A falling NAV is not always a loss
This is the misreading that costs people the most.
When a fund pays a cash dividend, its NAV drops by roughly the amount paid out, because the fund genuinely holds less afterwards. The money went to you. Judging the fund on that drop treats a payment to you as a loss, and it systematically penalises the funds that paid you the most.
Total return counts both the NAV change and the dividend, which is why the figures here can differ from a simple NAV comparison. That arithmetic is worked through step by step in the total return post.
Dates are the other trap
A NAV always belongs to a date, and fund managers publish on different schedules. Some post daily, some weekly, some pause entirely during a book closure at financial year end.
That is why the site shows figures as of a single common date rather than each fund's own latest print. Comparing a fund priced today against one priced three weeks ago would hand the stale fund an advantage or a penalty it never earned. The current common date is 24 September 2026, across all 35 tracked funds.
Each fund page also shows when its own manager last published, so you can see where a fund sits relative to that shared date. Here is where every fund sits right now:
Latest NAV each fund manager has published
28 September 20264 funds
27 September 202627 funds
24 September 20264 funds · the common date
Tap a dot to see the fund, its NAV and where it came from.
Where these NAVs come from
The fund manager's own website is the primary source wherever it can be read. Each collected print is checked before use: it must be dated no earlier than the series it extends, and it must sit within a sensible distance of a second source. A print that fails either check is not published. All 35 tracked funds' latest NAVs were read from the fund manager's own website.
Common questions
What does NAV per unit mean?
The value of one unit of the fund. It is everything the fund owns minus what it owes, divided by units in issue.
Why did the NAV fall on the day a dividend was declared?
Because the fund paid that money out and now holds less. Your total position is unchanged; part of it simply moved from units into cash.
Why does the AMC show a newer NAV than this site?
Comparisons here use one date shared by all 35 funds, currently 24 September 2026, so no fund is measured over a longer stretch than another. Each fund page also shows its manager's own latest publication date.
What is the difference between market NAV and cost NAV?
Market NAV prices holdings at today's value; cost NAV prices them at purchase price. All figures here use market NAV.
Further reading on this site
Run these numbers on your own amount
