Constant net asset value

Money market funds.

(CNAV).

A form of money market fund whose distributing shares maintain a ‘constant’ price through the application of amortised cost accounting, rather than marking to market the value of the investments held in its portfolio.

Money Market Fund (MMF) reforms in 2019 replaced prime constant net asset value (CNAV) funds with two new categories:

- the Public Debt CNAV fund, and

- the low-volatility NAV (LNAV) fund.

See also

• Accumulating net asset value
• Amortised cost
• Constant
• Distributing
• Mark to market
• Money market fund
• Money market fund reform: a light at the end of the tunnel?
• Net asset value
• Prime
• Public Debt CNAV
• Variable
• Variable net asset value
• Volatility