Constant net asset value

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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.

See also