Скачать или смотреть Gross return vs NAV return

The NAV accounts for all the fund expenses and fees and is that's why its calculated return is a net return. Those expenses fees are mostly classified in:

operations fees
management fees
In a perfect world, the difference between the gross and the NAV based returns should therefore be the fees. Sometimes however, the fees alone cannot explain the gaps and even in some cases the NAV based return is higher than the gross return.

It's important to get familiar with the sources of the differences, to have some clues on what causing those results and be ready to provide some explanations to the portfolio managers, members of the client service teams and other business partners.