The explanation can refer to economic and other factors. Economic Conditions: Economic growth, inflation, and interest rates significantly influence the fund's investments and returns.

Market Sentiment: Overall investor confidence and risk appetite affect demand for the fund's holdings.

Fund Performance: Historical performance and relative performance versus benchmarks impact investor perception.

Management Expertise: The skill and experience of the fund managers affect investment decisions and returns.

Sector Performance: Performance of sectors the fund invests in affects overall returns.

Regulatory Changes: New laws and regulations can impact the fund's investment strategy and operational costs.

Geopolitical Events: Political instability or major global events affect market sentiment and fund values.

Currency Fluctuations: Exchange rates between the fund's base currency and investment currencies influence returns.

Expense Ratio: Higher fees can reduce returns, affecting fund price.

Fund Size: Large inflows or outflows can influence fund's ability to execute its strategy.