Net Asset Value (NAV)
Net Asset Value (NAV) is the per-share value of a fund's assets minus its liabilities, divided by the number of shares outstanding.
Example: A mutual fund with total assets of $1.2 billion, liabilities of $10 million, and 60 million shares outstanding has an NAV per share of (1.2B - 10M) / 60M ≈ $19.83.
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