NAV

NAV, or net asset value, is the price of one unit of a mutual fund, worked out at the end of each business day.

A fund's NAV per unit is the market value of everything it owns, less what it owes, divided by the number of units issued.

For example, a fund holds shares and bonds worth ₹100 crore, with no liabilities, and has issued 5 crore units. Its NAV is ₹20. If you invest ₹10,000 at that NAV, you receive about 500 units.

Expenses are already taken out. The expense ratio is deducted daily, so the NAV is after costs.
Purchases and redemptions happen at the NAV. Which day's NAV you get depends on the cut-off time.
NAVs are published every business day, in the evening, by each fund house and by AMFI.

A higher NAV does not make a fund expensive. ₹10,000 buys 20 units of a fund at ₹500, or about 667 units of one at ₹15. A 10% rise adds ₹1,000 to either. The NAV level mostly reflects how long a fund has been running and how much it has grown.

Each plan and option of a fund has its own NAV: the Growth and IDCW options differ, for example, because one pays money out.

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Each fund page has its returns, risk, costs, managers and everything it holds.

NAV