The acronym NAV is the Net Asset Value. This term can best be translated
as the intrinsic value. The Net Asset Value of the Fund is the value of
all investments and cash of the Fund, less the costs and the management
fee, but before deduction of any performance fee. The Net Asset Value
per share is calculated by dividing the Net Asset Value of the Fund by
the number of outstanding units. The value of the investments is never
subject to a premium or discount
The NAV is calculated independently by our administrator, Circle
Partners. This company provides this service for more than a hundred
different investment funds. In addition, the financials are audited
annually by Ernst & Young.
The NAV is calculated each month. Every participant receives a monthly
overview of the NAV and the net value (NAV minus performance fee) of his
or her shareholdings, from Circle Partners. In addition, the fund
manager will publish an indicative NAV per participation on the website,
twice a week.
Because the performance fee charged to an individual participant depends
on both the timing of purchase and that of any redemptions or
additional deposits by the participant, the final net value and the net
yield of each participation is different. This is the reason it is
better to report returns before deduction of a performance fee. Most of
our peers use a similar method for calculating their performance.