NAV
Market basicsAlso called: Net asset value
Net Asset Value — a mutual fund’s holdings minus liabilities, divided by units outstanding.
In plain terms
A low NAV is not cheap. It reflects how long the fund has existed, not what it is worth.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Fair market value on 31 January 2018
Regulation & taxFor anything listed on 31 January 2018, the highest price quoted on a recognised stock exchange that day — or on the last preceding day it traded; the net asset value of that date is used only for a unit that was not then listed.
In plain terms
Published historical data that will never change again, and worth writing down once for every holding older than February 2018. It is a ceiling on the substituted cost, not an alternative purchase price you may use in either direction.
Observation frequency
Risk & psychologyAlso called: Checking frequency, Sampling interval
How often a price for something you hold is actually put in front of you, whether or not you asked for it.
In plain terms
Distinct from a review cadence, which is a schedule you chose. This is the interval the product settled — daily net asset values and push notifications on one side, a half-yearly statement in the post on the other.