Fund Performance: The underlying assets' returns directly impact the fund's price. Strong performance attracts investors, increasing demand and price.

Interest Rates: Rising interest rates can make fixed-income alternatives more appealing, potentially decreasing demand for ZAVI11.SA and its price.

Market Sentiment: Overall investor confidence and risk appetite influence demand for real estate funds. Negative sentiment can lead to price declines.

Economic Conditions: Economic growth or recession impacts real estate values and rental income, affecting the fund's performance and price.

Fund Management: The fund manager's expertise and investment decisions play a crucial role in the fund's performance and investor perception.

Liquidity: The ease with which ZAVI11.SA units can be bought or sold can affect its price. Lower liquidity can lead to price volatility.

Real Estate Sector: Trends and performance within the specific real estate sectors the fund invests in (e.g., commercial, residential) impact its value.

Regulatory Changes: New regulations related to real estate or investment funds can influence investor behavior and fund operations.

Inflation: High inflation erodes the real value of returns and can make alternative investments more attractive, potentially affecting fund prices.