Underlying Asset Performance: The primary driver is the performance of the assets held within the fund. If the investments increase in value, the fund's price will likely rise, and vice versa.

Market Conditions: Broad market trends and economic conditions can significantly impact the value of the fund's holdings. Positive market sentiment usually lifts prices, while downturns often depress them.

Interest Rates: Changes in interest rates influence bond yields and can impact the prices of fixed-income assets held by the fund, and potentially equity valuations also.

Investor Demand: Increased demand for the fund's shares will generally push its price higher. Conversely, a significant outflow of investments can lead to a price decrease.

Fund Management Fees: The fees charged by the fund manager affect the net return to investors, and thus the perceived value of the fund. Higher fees can make the fund less attractive.

Currency Fluctuations: If the fund invests in assets denominated in a different currency, exchange rate movements can impact the fund's value when translated back to the base currency.

Geopolitical Events: Major global events like political instability or significant policy changes can create uncertainty and volatility in financial markets, affecting asset prices within the fund.