NAV

NAV (Net Asset Value) is the per-unit price of a mutual fund scheme, published at the end of each business day. It equals the scheme's total assets minus its liabilities, divided by the units outstanding. When you invest, your money buys units at the applicable NAV; when you redeem, units are sold at the then-current NAV. A lower NAV does not make a scheme cheaper or better — it reflects how long the scheme has run, not value. What matters is the percentage change over time, not the absolute number.