Underlying Asset Performance: The primary driver is the performance of the assets held within the fund. Positive performance increases the fund's net asset value (NAV).

Market Conditions: Overall market sentiment, economic outlook, and investor confidence impact asset values and, therefore, fund pricing.

Currency Fluctuations: If the fund holds assets denominated in other currencies, exchange rate changes will affect the fund's value when expressed in GBP.

Interest Rate Changes: Interest rate hikes or cuts influence the value of fixed-income assets within the fund, affecting the overall price.

Fund Management Fees: The fees charged by the fund manager are deducted from the fund's assets, reducing returns and potentially its price.

Supply and Demand: Increased demand for the fund can push its price higher, while increased selling pressure can lower the price.

Inflation: Inflation impacts real returns. Unexpected inflation increase may negatively impact.