> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/fund-governance/net-asset-value-nav-calculation.md).

# Net Asset Value (NAV) Calculation

The NAV of the Fund and each SubFund is determined by the Management Company for each Valuation Day on each NAV Calculation Day.

#### Calculation methodology

The NAV is calculated as:

(Value of all assets of the Fund or SubFund) − (All liabilities, including Notes but excluding Units, and all accrued unpaid fees)

**Fund NAV per Unit** = (NAV of the Fund − NAV of all SubFunds) ÷ (Number of Fund Units in issue)

**SubFund NAV per Unit** = (NAV of the SubFund) ÷ (Number of SubFund Units in issue)

NAV per Unit may be rounded to the nearest whole hundredth unit of the Reference Currency.

#### Asset valuation rules

| **Asset Type**                                            | **Valuation Method**                                                                                   |
| --------------------------------------------------------- | ------------------------------------------------------------------------------------------------------ |
| Listed transferable securities / money market instruments | Last known price on principal market                                                                   |
| Unlisted transferable securities                          | Probable sales price estimated prudently and in good faith by the Management Company                   |
| UCI units/shares                                          | Last available net asset value                                                                         |
| Exchange-traded derivatives                               | Last available settlement price                                                                        |
| OTC derivatives                                           | Determined pursuant to Management Company policies, on a consistently applied basis                    |
| Cash and money market instruments (maturity < 12 months)  | Nominal value plus accrued interest, or amortised cost (whichever better represents fair market value) |
| Swap transactions                                         | Net present value of expected cash flows                                                               |
| Assets denominated in non-Reference Currency              | Mid-market conversion rate from the European Central Bank on the Valuation Day                         |
| All other assets                                          | Probable realisation value, determined with care and in good faith                                     |

#### Swing pricing

If on any Valuation Day the aggregate transactions in Units of a SubFund result in a net increase or decrease, the NAV of the SubFund may be adjusted by an amount reflecting estimated fiscal charges, dealing costs, and the bid/offer spread of the SubFund's assets. The adjustment is an addition for net inflows and a deduction for net outflows.

#### Timing

Unless otherwise defined in the Specific Management Regulations, the NAV Calculation Day is the first Business Day following the relevant Valuation Day, provided that the subscription or redemption request was received on the Valuation Day before the applicable deadline.