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, Bolder Funds Services (Netherlands) B.V. (formerly Circle Partners). This company provides this service for more than a hundred different investment funds. In addition, the financials are audited annually by RSM Netherlands Accountants N.V..
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 Bolder Funds Services (Netherlands) B.V. (formerly 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.
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