Underlying Asset Performance: The primary driver is the performance of the assets held within the fund. A rise in these assets' values leads to a higher fund price, while a decline causes a drop.

Market Sentiment: Overall investor confidence and market trends significantly influence demand for the fund. Positive sentiment typically boosts prices, and negative sentiment lowers them.

Fund Flows: Large inflows of money into the fund can temporarily push up the price, especially if the fund struggles to deploy the capital quickly. Conversely, outflows can depress the price.

Expense Ratio and Fees: The fund's operating costs, like management fees, reduce its net asset value, which consequently impacts its price. Higher expenses may lead to lower returns and a less attractive price.

Currency Fluctuations: For funds holding international assets, currency exchange rates can impact the fund's price when converted back to the base currency (e.g., GBP). A strengthening GBP could reduce the value.

Interest Rate Changes: Changes in interest rates can impact bond prices (if applicable) within the fund, as well as investor preferences for different asset classes. Higher rates can reduce the attractiveness of existing bonds.

Economic Indicators: Macroeconomic data such as GDP growth, inflation, and unemployment can affect the companies and assets held by the fund. Strong economic data usually boosts markets and the fund's price.

Geopolitical Events: Major political or global events (e.g., wars, elections, trade disputes) can create market volatility, which impacts the fund's underlying assets and therefore the fund's price.

Regulatory Changes: New regulations or policy changes can influence the profitability and operations of companies held in the fund, ultimately impacting the fund's value and price.

Dividend Payouts: Payouts will reduce the NAV as cash leaves the fund.