Asset Performance: The fund's net asset value (NAV) directly reflects the performance of its underlying investments, which are stocks, bonds, or other assets.

Market Conditions: Broader economic trends, interest rate changes, and investor sentiment influence the valuations of the fund's holdings.

Fund Flows: Large inflows can dilute returns if the manager struggles to deploy capital effectively. Outflows may force sales, potentially hurting NAV.

Management Fees: The fund's expense ratio, covering management and operational costs, reduces overall returns. High fees can negatively impact performance.

Currency Fluctuations: For funds investing internationally, exchange rate movements between the Euro and other currencies impact returns.

Fund Strategy: The specific investment approach (e.g., growth, value) dictates the types of assets held and impacts sensitivity to market shifts.