Official definition · 官方定义
“Net asset value (NAV) is defined as the value of a fund's assets minus the value of its liabilities.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
Net asset value is a fund's assets minus its liabilities, divided by the number of shares. It is the price at which open-end funds are bought and sold, calculated once a day after markets close.
净值是基金资产减负债，再除以份额数。开放式基金按这个价格申购赎回，每天收盘后计算一次。
NAV is a daily mark, not a market price. For a fund holding liquid stocks the two are close; for one holding private loans or buildings, the NAV is an estimate that may lag reality by months. That gap is why closed-end funds can trade at a 20% discount to NAV — the market does not believe the mark.
净值是每日估值，不是市场价格。持有流动性好的股票时两者接近；持有私募贷款或楼宇时，净值是估算，可能滞后现实几个月。
这个差距就是封闭式基金可以相对净值折价 20% 交易的原因——市场不信那个估值。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The Bond King Says Don't Own Bonds. Look at Who Bought Them Instead. 净值 · 第 9 张术语卡 | Gross mentions income funds trading at a discount to NAV as one of the few places he still likes. 折价意味着市场认为底层资产估值偏高，或流动性不足。格罗斯提到折价收益基金，本质是在买「别人被迫卖出」的折扣——这与他劝人别买债并不矛盾。 |
| $41.1bn | Blackstone's profit falls as choppy market tempers investment exits 净值 · 第 9 张术语卡 | BCRED held $41.1 billion of NAV at the end of September; the number is only as good as the marks behind it. 上市公司每天有市价，私募资产只有估值。估值由管理人按模型定期更新，审计与第三方评估只是抽查。所以压力期看「净值」要打折——2008 与 2022 年都出现过私募净值明显滞后于公开市场的情况。 |
NAV is what you can sell for
Only for open-end funds. Closed-end funds trade at a discount or premium.
NAV is objective
It depends on the valuation of the underlying assets.
A discount to NAV is free money
The discount can persist for years, and the assets may be overvalued.
· trade at a discount to NAV
· NAV per share
· daily valuation
· mark-to-market
· premium to NAV
trade at a discount to NAV 相对净值折价交易；NAV per share 每份净值；daily valuation 每日估值；mark-to-market 按市价计量；premium to NAV 相对净值溢价。
· NAV vs market price
· NAV vs book value
NAV 是算出来的资产净值，market price 是市场交易价；NAV 按市价重估，book value 按历史成本。
The trust trades at a X% discount to its net asset value.
行情句：该信托相对净值折价 X%——at a discount to 是固定搭配。
“Gross mentions income funds trading at a discount to NAV as one of the few places he still likes.”
“BCRED held $41.1 billion of NAV at the end of September; the number is only as good as the marks behind it.”