Market Performance: Overall market trends and the performance of the specific asset classes the fund invests in directly impact its value.

Fund Holdings: The individual securities (stocks, bonds, etc.) held within the fund and their price fluctuations affect the fund's Net Asset Value (NAV).

Economic Conditions: Macroeconomic factors such as interest rates, inflation, and GDP growth can influence the valuations of the fund's underlying assets.

Currency Fluctuations: As an international fund, currency exchange rates between the fund's base currency and the currencies of the assets it holds can affect returns.

Fund Management: The fund manager's investment decisions and strategy, including asset allocation and security selection, play a crucial role in performance.

Investor Sentiment: Demand for the fund can influence its price, particularly if it's traded on an exchange (although most mutual funds trade at NAV).

Expenses & Fees: Management fees, operating expenses, and transaction costs reduce the fund's returns and affect its price over time.