Fund Performance: Historical returns and relative performance compared to its benchmark and peer group impact investor demand.

Market Conditions: Broad market trends (bull vs. bear markets), economic indicators (GDP growth, inflation), and interest rate movements influence investor sentiment and fund valuations.

Sector Allocation: NML.US's allocation to specific sectors (e.g., technology, healthcare) and their performance directly affects the fund's overall returns.

Expense Ratio: A lower expense ratio attracts more investors and can lead to better returns over time.

Fund Manager Expertise: The skills and experience of the fund manager in making investment decisions play a vital role.

Asset Under Management: The size of the fund can impact its ability to generate alpha, as larger funds may have difficulty finding attractive investment opportunities.

Investor Sentiment: Positive or negative investor sentiment towards the fund or its underlying investments can cause price fluctuations.