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Formula sheet/NISM Series V-A: Mutual Fund Distributors/Net Asset Value, Total Expense Ratio & Pricing of Units
[ NET ASSET VALUE, TOTAL EXPENSE RATIO & PRICING OF UNITS ]

Net Asset Value (NAV) per Unit

Net Assets=Total Assets(Market Value of Investments+Accrued Income+Receivables)−Liabilities(Accrued Expenses+Payables)\text{Net Assets} = \text{Total Assets} (\text{Market Value of Investments} + \text{Accrued Income} + Receivables) - Liabilities (\text{Accrued Expenses} + Payables)
NAV per Unit=Net Assets of the SchemeNumber of Outstanding Units\text{NAV per Unit} = \dfrac{\text{Net Assets of the Scheme}}{\text{Number of Outstanding Units}}
Variables

NAV Precision: Calculated up to 4 decimal places for Liquid/Overnight/Money Market/Debt/Index funds; up to at least 2 decimal places for Equity/Hybrid schemes.

Exam note

Total Assets includes unrealized mark-to-market gains; liabilities include investment management fees, custody, and RTA dues.

Worked examples
Mutual Fund Net Assets and NAV per Unit Calculation

A diversified equity mutual fund scheme has 2.65 Crore units outstanding. Balance sheet data: Market value of equity shares = Rs 230 Cr, Money market instruments = Rs 5.0 Cr, Accrued dividends receivable = Rs 2.39 Cr, Receivables on shares sold = Rs 2.34 Cr. Liabilities: Payables for shares purchased = Rs 7.5 Cr, Management and audit fees payable = Rs 0.41 Cr. Compute Scheme Net Assets and NAV per unit.

Exit Load and Net Redemption Proceeds Calculation

An investor redeems 1,500 units of a hybrid mutual fund scheme when the NAV is Rs 45.80. The scheme charges an exit load of 1.00% if redeemed within 1 year. The units are redeemed after 8 months. Calculate the Repurchase Price, total exit load deducted, and net proceeds credited to the investor's bank account.

Segregated Portfolio Creation & Cost Allocation

An investor holds 10,000 units of a corporate bond fund purchased at Rs 15.00 per unit (Cost = Rs 1,50,000). Following a credit downgrade of an issuer, the scheme segregates the stressed bond. Immediately prior to segregation, Total Portfolio NAV was Rs 12.00. The distressed bond NAV transferred to the segregated portfolio is Rs 2.00 per unit, and Main Portfolio NAV becomes Rs 10.00. Calculate the cost of acquisition for units in the Segregated and Main Portfolios.