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Finance Calc Kit
Investments

NAV Calculator

Calculate net asset value (NAV) and NAV per share for investment funds using fund assets, liabilities, and shares outstanding.

Fund assets and liabilities

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Net asset value (NAV)

$775,000.00

Total assets: $1,825,000.00

NAV per share

$3.88

Total liabilities

$1,050,000.00

Assets vs liabilities

NAV$775,000.00
  • Total assets$1,825,000.0063.5%
  • Total liabilities$1,050,000.0036.5%
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What net asset value (NAV) means for funds

Net asset value is the per-share value of a mutual fund, ETF, or closed-end fund. It represents total fund assets minus liabilities, divided by shares outstanding. NAV is calculated at the end of each trading day for open-end mutual funds and is the price at which investors buy or redeem shares directly with the fund company.

Fund investors use NAV to track portfolio value and compare performance across share classes. For projected growth from regular contributions, try the mutual fund calculator. To evaluate whether an investment meets a required return hurdle, see the net present value calculator. For broader portfolio return analysis, use the investment calculator.

NAV calculation formulas

NAV=Total Assets−Total Liabilities\text{NAV} = \text{Total Assets} - \text{Total Liabilities}
NAV per Share=NAVShares Outstanding\text{NAV per Share} = \frac{\text{NAV}}{\text{Shares Outstanding}}

Total assets typically include securities at market value, cash, and receivables. Liabilities cover accrued expenses, payables, and other fund obligations. Shares outstanding are the total units held by all investors.

Worked example

A fund holds $1,500,000 in investments, $250,000 in cash, and $75,000 in receivables. It owes $450,000 in short-term liabilities and $600,000 in long-term liabilities, with 200,000 shares outstanding. Total assets are $1,825,000, total liabilities are $1,050,000, and NAV equals $775,000. Dividing by 200,000 shares gives a NAV per share of $3.88.

Frequently asked questions

How often is NAV calculated?
Open-end mutual funds calculate NAV once per business day after markets close, using closing prices for portfolio securities. ETFs publish an indicative NAV (iNAV) intraday, while the official NAV is set at the end of the day.
Is NAV the same as market price for ETFs?
Not always. ETF shares trade on exchanges and their market price can differ from NAV due to supply and demand. The gap is usually small for liquid ETFs but can widen for thinly traded funds.
What assets are included in total fund assets?
Securities at fair market value, cash and cash equivalents, dividends and interest receivable, and other liquid holdings. Illiquid or hard-to-value assets may use independent appraisals.
Can NAV per share be negative?
In theory, if liabilities exceed assets, NAV becomes negative. This is rare for regulated funds and may trigger fund closure or restructuring. Most funds maintain positive NAV through risk limits and redemption gates.
How does NAV relate to fund performance?
NAV change over time reflects investment returns minus expenses and distributions. Total return includes both NAV appreciation and reinvested dividends or capital gains distributions.

Resources and references

The formulas and methods in this calculator were checked against these independent sources.