Market performance: Overall stock market and bond market performance directly impacts the fund's net asset value (NAV).

Underlying asset performance: The returns of the specific assets held within the fund, such as stocks or bonds, drive its price.

Interest rates: Changes in interest rates, especially if the fund holds bonds, can affect bond prices and overall fund value.

Fund manager skill: The investment decisions made by the fund manager influence the fund's performance relative to its benchmark.

Expense ratio: The fund's expense ratio, including management fees, impacts returns and can affect its attractiveness to investors.

Supply and demand: Investor demand for the fund's shares can influence its price, especially during periods of high or low sentiment.

Economic conditions: Macroeconomic factors like GDP growth, inflation, and unemployment can impact the performance of underlying assets.

Currency fluctuations: If the fund invests in assets denominated in other currencies, exchange rate changes will affect its value when converted back to the base currency.