Fund performance is primarily determined by its underlying investments. Positive returns in these holdings generally lead to an increase in the fund's Net Asset Value (NAV).

Market sentiment surrounding the specific asset classes held by the fund influences investor demand and consequently, the fund's price. High demand can drive prices up, while low demand can cause them to fall.

Changes in prevailing interest rates can impact the attractiveness of certain asset classes. For example, rising interest rates might make bond funds less appealing, affecting their value.

Economic indicators such as GDP growth, inflation, and unemployment rates influence investor confidence and the performance of the underlying companies or assets held by the fund.

Fund manager decisions regarding asset allocation, security selection, and trading strategies directly affect the fund's returns and overall price.

Currency fluctuations can impact funds holding assets denominated in foreign currencies. A strengthening Euro, for example, would positively affect Euro-denominated assets held by the fund if the fund is based outside the Eurozone.

Geopolitical events such as political instability, trade wars, or regulatory changes can affect investor sentiment and the performance of specific markets and industries.

Fund expenses, including management fees and operating costs, are deducted from the fund's assets, impacting the net return and overall price.