Investment Performance: Historical returns and relative performance against benchmark indices strongly influence investor demand, impacting fund price.

Market Sentiment: Overall investor confidence and risk appetite affect fund flows and valuation, either positively or negatively.

Economic Conditions: Macroeconomic factors like GDP growth, inflation, and interest rates shape investment decisions and asset valuations.

Fund Manager Expertise: The skill and experience of the fund manager in selecting and managing assets drive fund performance.

Geopolitical Events: Global events and political instability can create market volatility and impact investor sentiment, affecting fund price.

Fund Size and Liquidity: Very large funds may have difficulty generating alpha. Illiquid assets can impact the fund's ability to redeem units.

Expense Ratio: Higher management fees and operating expenses can reduce returns and decrease investor attractiveness.

Fund Strategy: The fund's investment mandate and strategy, whether growth, value, or income, will impact its performance in varying market conditions.

Regulatory Changes: Changes in financial regulations and tax laws can influence investor behaviour and the attractiveness of the fund.