Constant net asset value
Money market funds.
A constant net asset value per share money market fund.
A money market fund which aims to maintain its distributing shares at a ‘constant’ value of for example USD 1, EUR 1 or GBP 1, by using an amortised cost basis of accounting for the value of its underlying portfolio of money market instruments.
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.