Fund Performance: Historical returns and perceived future growth potential strongly influence investor demand and therefore price.

Real Estate Market: As a real estate investment fund (REIT), HSAF11.SA's price is heavily tied to the performance of its underlying real estate holdings. Property values, occupancy rates, and rental income are crucial.

Interest Rates: Changes in interest rates impact the attractiveness of REITs compared to fixed-income investments. Rising rates can reduce demand.

Inflation: Inflation can positively affect REITs as property values and rental income often increase, but it can also negatively impact them by increasing expenses and reducing consumer spending.

Economic Conditions: Overall economic health affects property demand and rental rates, impacting HSAF11.SA's performance.

Fund Management: The expertise and track record of the fund's management team influence investor confidence and the fund's ability to generate returns.

Market Sentiment: General investor sentiment and risk appetite can drive prices up or down, even independent of the fund's fundamentals.

Supply and Demand: Like any asset, the balance of buyers and sellers in the market directly affects HSAF11.SA's price.

Regulatory Changes: Changes in regulations related to REITs or real estate can impact the fund's profitability and attractiveness.

Dividend Yield: The fund's dividend yield relative to other investment options affects its attractiveness to income-seeking investors.