Market Conditions: Overall economic health, investor sentiment and global events influence fund performance. A positive market usually boosts fund value.

Underlying Assets: The fund's price directly reflects the value of the stocks, bonds or other assets it holds. Fluctuations in these assets will impact the fund's value.

Fund Management: The skills of the fund manager in selecting investments and managing risk affect fund returns. A successful manager enhances fund value.

Interest Rates: Changes in interest rates can affect bond valuations within the fund. Rising rates can decrease bond values, affecting the overall fund price.

Expense Ratio: The management fees and other expenses charged by the fund reduce returns. Higher expense ratios can negatively affect the fund's net asset value.

Currency Exchange Rates: For funds investing in international assets, currency fluctuations can impact returns when converted back to the fund's base currency.

Supply and Demand: High demand for the fund can push the price up, while increased selling pressure can lower it, but this is more applicable to ETF.

Inflation: Inflation can impact the value of assets and company earnings, which in turn affects the fund's performance. High inflation can erode purchasing power and investment returns.