Net Asset Value (NAV)

Net asset value (NAV) is the total value of a mutual fund’s or investment company’s assets minus its liabilities, and the per-share NAV is obtained by dividing that result by the number of shares outstanding. NAV is calculated at the end of each business day and determines the price at which investors buy or sell mutual fund shares; it changes daily as the market value of the fund’s securities and liabilities fluctuate.