Underlying Asset Performance: The primary driver is the performance of the assets the fund holds, typically equities. Rising asset values increase the fund's Net Asset Value (NAV).

Market Sentiment: Overall investor optimism or pessimism towards the markets the fund invests in influences buying and selling pressure, impacting fund price.

Fund Expenses: Management fees, operating expenses, and other costs directly reduce the fund's returns, affecting its price over time.

Currency Fluctuations: If the fund invests in assets denominated in a different currency, exchange rate movements can impact returns when converted back to GBP.

Interest Rate Changes: Rising interest rates can make fixed-income investments more attractive, potentially drawing investors away from equity funds, thus influencing price.

Economic Conditions: Economic indicators like GDP growth, inflation, and unemployment rates can influence the performance of companies within the fund's portfolio, impacting price.