Constant net asset value

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Money market funds.


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.

Also known as stable net asset value (SNAV) funds.

See also