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Topic: Net asset value

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	Net Asset Value
		"Net asset value," or "NAV," of an investment company is the company’s total assets minus its total liabilities.
		NAV might be $90 million one day, $100 million the next, and $80 million the day after.
		For the statutory and regulatory provisions relating to net asset value (NAV), refer to the Investment Company Act of 1940 and the rules adopted under that Act, in particular Section 2(a)(41), and Rules 2a-4 and 22c-1.
	www.sec.gov /answers/nav.htm (343 words)

	Net Asset Value, Fund Distributions and Total Return
		The value of the securities and the income (if any), less the fund’s costs, is then divided by the number of shares of the fund that have been sold (we’ll assume 20 shares have been sold).
		The total value of the fund is still $100, and the NAV (again assuming $2 in management fees and 20 shares outstanding) is $4.90.
		The total value of the fund is now $99, and the net asset value of each share is $4.85.
	www.axaenterprise.com /education/nav_fund_dist.asp (1190 words)

	Net Asset Value 101 (Site not responding. Last check: 2007-09-17)
		In the context of mutual funds, net asset value is the total value of the fund's portfolio less liabilities.
		In terms of corporate valuations, net asset value is the value of assets less liabilities.
		And, to give an indication of what we could mean by the value of assets, consider some of these variations.
	www.juiceenewsdaily.com /1004/news/net.html (269 words)

	Bloomberg.com: Financial Glossary
		A strategy whereby an investor simply invests in a number of different assets in the hope that the variance of the expected return on the portfolio is lowered.
		The current book value of an asset or liability; that is, its original book value net of any accounting adjustments such as depreciation.
		Any asset that is expected to be held for the whole year, not sold or exchanged, such as real estate, machinery, or a patent.
	www.bloomberg.com /analysis/glossary/bfglosn.htm (5597 words)

	Net Asset Value
		When we speak of the value of a share of stock, we say that it is worth a specific dollar amount.
		The value of a share in a mutual fund is referred to as its Net Asset Value per share or NAV.
		If, after you make your investment, the NAV of the mutual fund drops to $9 (because the value of the fund’s portfolio has dropped), you will still own 100 shares, but your investment will be worth $900.
	www.teenvestor.com /investors/mutual_funds/mfunds_nav.htm (188 words)

	Investment Management: November 13, 2002 Letter to ICI re: Delayed Exchange of Fund Shares
		would be executed at the relative net asset values of the respective fund shares, calculated at a specified time that is later than the time that those funds next calculate their net asset values.
		Section 11(a) also provides that an offer of exchange may be made at other than the relative net asset values if the terms of the offer have been submitted to and approved by the Commission or are in accordance with such rules and regulations as the Commission may have prescribed.
		In all instances, even where one of the funds involved calculates its NAV as of a time other than 4:00 p.m., the exchange transaction will be forward-priced at the next computed net asset value after the time specified in the fund's exchange policy, consistent with Rule 22c-1.
	www.sec.gov /divisions/investment/guidance/tyle111302.htm (1870 words)

	Net asset value - Wikipedia, the free encyclopedia
		In the context of collective investments (mutual funds), net asset value is the total value of the fund's portfolio less liabilities.
		One possibility is to compare its current market capitalization with its net asset value - since, all things being equal, one might expect them to be the same.
		NAV covers the company's current asset and liability position.
	en.wikipedia.org /wiki/Net_asset_value (423 words)

	Determining intra-day net asset value of an actively managed exchange traded fund - Patent 6941280
		A system for determining an intra-day net asset value proxy of an actively managed exchanged traded fund and the like includes a trusted computer system that has a physical hardware and operating system configuration in which domain configuration and trust relationships are established to determine access to information in the trusted system.
		Official net asset value calculations that are disseminated to the general media after the close of trading on a current trading day (T) are based on the position of the fund at the close of the prior trading day (T-1).
		The net asset value proxy calculation would take the total valuation of the fund, subtract the old value of the position for a security and add the new value of the position for the security into the total.
	www.freepatentsonline.com /6941280.html (4697 words)

	Fool.com: How to Value Telecom Carriers [Fool on the Hill] August 25, 2000
		Return on invested capital, net asset value, and revenue growth are part of the equation.
		Viatel's asset base is marked at $2.7 billion, whereas Level 3's is marked at $9 billion.
		The non-current asset portion of these carriers is also depreciated on schedules provided by FASB, as such the deployed value is higher than that carried on the books.
	www.fool.com /news/foth/2000/foth000825.htm (1070 words)

	Strategem Capital
		Net asset value is a term used by mutual funds all the time and is normally calculated by the fund at the close of each trading day to determine what each share of the fund is worth and what it will sell for the following day.
		Simply take the current market value of the fund or company's net assets (cash and securities held by the fund or company minus any liabilities) and divide by the number of shares outstanding.
		So if a company or fund had net assets of $50 million and there are one million shares of the company or fund, then the net asset value per share (or NAV) is $50.00.
	www.strategemcapital.com (1030 words)

	N Definitions: Campbell R. Harvey's Hypertextual Finance Glossary (Site not responding. Last check: 2007-09-17)
		The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand.
		Also called the cost of carry or, simply carry, the difference between the cost of financing the purchase of an asset and the asset's cash yield.
		All of a company's assets except patents, trademarks, and other intangible assets minus all liabilities and the par value of preferred stock, divided by the number of shares outstanding.
	www.duke.edu /~charvey/Classes/wpg/bfglosn.htm (5924 words)

	ETF Glossary
		Unlike regular open-end mutual funds, which are bought and sold directly from the fund company at the net asset value (NAV) of their portfolio securities, ETFs and closed-end funds trade at prices determined by the market forces of supply and demand.
		NAV is calculated by dividing a fund's total net assets by its number of shares outstanding.
		The market return, not the NAV return, is the return actually earned by ETF investors, except for those who hold creation units.
	www.morningstar.com /etfglossary/ETFGlossary.html (1112 words)

	Glossary (Site not responding. Last check: 2007-09-17)
		The value of one share of a mutual fund.
		Except for money-market funds, the value of a mutual fund share usually changes daily.
		The net asset value comes from dividing the value of all the fund's holdings by the number of shares in the fund.
	www.quicken.com /glossary/notemplates/content/?nav (45 words)

	Path to Investing — Mutual Funds: Net Asset Value (Site not responding. Last check: 2007-09-17)
		A mutual fund’s net asset value (NAV) is what the fund is worth, measured by its current price.
		NAV is the dollar value of one share of the fund's stock figured by dividing the current value of the fund’s holdings by the number of shares that investors own.
		A fund’s NAV may also increase if the value of the investments is unchanged but the number of outstanding shares drops.
	www.pathtoinvesting.org /categories/choosinginvestments/mfs/mfs_042.htm (199 words)

	ETFConnect - Education Center - CEF - Know Your Funds
		At the same time, the net asset value per common share will be more volatile than those of comparable unleveraged funds since the increases or decreases in the total portfolio value are all attributed to the common shares.
		The net asset value, which is the value of all the fund assets minus the value of the liabilities, all divided by the number of shares outstanding, determines the value at which open-end funds (such as mutual funds) are purchased and sold.
		For example, if the net asset value of a fund is $20, and the fund is selling for $18 on an exchange, the fund is said to be at a 10% discount to net asset value.
	www.etfconnect.com /education/fundamentals_cef.asp (1831 words)

	Investor: Net Asset Value Report January -- March 2004 : ArriveNet Press Releases : Business (Site not responding. Last check: 2007-09-17)
		The net asset value increased by SEK 8,521 m.
		The net asset value was also affected by the dividend payment totaling SEK -1,726 m.
		The value of Investor's total assets on March 31, 2004 was SEK 107,734 m.
	press.arrivenet.com /business/article.php/291000.html (703 words)

	What is a mutual fund's NAV?
		The net asset value (NAV) of a mutual fund is simply its assets minus its liabilities.
		By dividing the NAV of a fund by the number of outstanding units, you are left with the price per unit.
		Funds are constantly paying out distributions of both capital gains and dividends, which reduce the NAV of the fund and do not reflect any appreciation in the price per unit.
	www.investopedia.com /ask/answers/04/032604.asp (370 words)

	Benjamin Graham: Net Current Asset Value Strategy
		Despite the impressive results, Graham’s net current asset value (NCAV) approach is relatively unknown to individual investors.
		Thus, net current asset value is current assets minus total liabilities.
		Otherwise, compute the net current asset value by subtracting the total liabilities from the current assets.
	www.winninginvesting.com /net_asset_value.htm (1077 words)

	30 Second guide to Net Asset Value \| This is Money
		NAV is a calculation of a company's assets, like property, less its debts, divided by number of shares in issue.
		Share prices are based on a company's profits, but there are certain businesses where the value of their assets, ranging from buildings to investments in other companies, are more important.
		On most occasions, the NAV per share is lower than the share price, because it is based on the current value of a company's assets.
	www.thisismoney.co.uk /news/columnists/article.html?in_article_id=414540&in_page_id=2&ito=1565 (288 words)

	Net Asset Value (NAV) - Definition
		When talking about mutual funds, the net asset value (NAV) is the total value of the fund's holdings per share.
		A mutual fund with a NAV of $25.50 means it'd cost $25.50 for one share of that fund.
		The Net Asset Value is a lot like a stock price.
	www.teenanalyst.com /glossary/n/nav.html (126 words)

	REIT \| Net Asset Value \| Dividend
		We use a proprietary valuation model that ranks Asia Pacific real estate securities on price to net asset value ("NAV"), which we believe is the primary determinant of real estate security valuation over time.
		We incorporate both macro-economic and fundamental research in our NAV estimates, which are the inputs for the model.
		In addition to the NAV model, portfolio managers and analysts use secondary valuation models including multiple/cash flow growth and DCF analysis.
	www.cohenandsteers.com /is_asia-pacific-realty.asp (485 words)

	Amazon.com: Value Investing Made Easy: Benjamin Graham's Classic Investment Strategy Explained for Everyone: Books: ... (Site not responding. Last check: 2007-09-17)
		I found the text to be somewhat of a letdown because most of it was devoted to the justification for value investing, and not on the techniques of value investing per se.
		The book lays down an appropriate definition for intrinsic value, provides a satisfactory explanation of the role and importance of assets and dividends, and most important, the use and limitations of long-term trends in earnings and dividends to make assessments of stock investments.
		Janet Lowe adds value through the use of real life Companies as examples and each chapters comes with several very useful "sturdy pillars" or quotations from Ben Graham to elucidate the central thrust of the particular passage concerned.
	www.amazon.com /Value-Investing-Made-Easy-Investment/dp/0070388644 (2603 words)

	REITS \| Net Asset Value \| Global Real Estate
		Cohen and Steers adheres to a disciplined integrated, research-intensive approach that is used to consistently value real estate securities of companies located outside of the United States.
		We use a proprietary valuation model that ranks international real estate securities on price to net asset value (“NAV”), which we believe is the primary determinant of real estate security valuation.
		In addition to the NAV model, portfolio managers use secondary valuation models including multiple/cash flow growth and DCF.
	www.cohenandsteers.com /is_international-realty.asp (429 words)

	Kayne Anderson Energy Development Company Announces Its Net Asset Value at November 30, 2006 (Site not responding. Last check: 2007-09-17)
		As of November 30, 2006, the Company's net assets were $242.1 million and its net asset value per share was $24.21 based on 10.0 million shares outstanding.
		The Company had invested 44.1% of its net assets as of that date.
		The initial net asset value per share was $23.32, after deducting underwriting discounts, offering costs and organizational costs.
	www.quote.com /qc/news/story.aspx?symbols=INTERNETWIRE:100&story=200612041502_IWR_0190913 (536 words)

	PRESS RELEASE Kayne Anderson Energy Total Return Fund Announces Its Net Asset Value at July 31, 2006 (Site not responding. Last check: 2007-09-17)
		At July 31, 2006, the Fund's net assets were $821 million and its net asset value per share was $26.12 based on 31.4 million shares outstanding.
		At July 31, 2006, the Fund's total assets were $1.1 billion.
		Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the company's historical experience and its present expectations or projections.
	www.marketwire.com /mw/release_html_b1?release_id=149744 (600 words)

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