Thanks for that extra info, David. I never realised the adjustments made were that complicated! I have linked to your comment in the text.

Most sites seem to quote the date of the NAV, which helps you double-check any figure they display.

Others display an estimated NAV, which usually seems to adjust for any dividend paid since the NAV date rather than any general market movement.”

Hi There, Great blog!

Just to confirm. The AIC take estimated NAVs and associated discounts from Morningstar which do take into account market movements. So on a Friday after 08:30 you will see Thursday’s closing share price for the investment company and the Thursday’s closing NAV estimate from Morningstar based upon market movements of all the holdings (including currency, dilutions, corporate actions etc.) and then the discount based upon both those figures. You can then wait until later on the Friday to see how accurate their NAV estimates were.

We totally take your point regarding the reporting lag and have a note on the AIC site saying exactly that.

Back to NAV estimates I believe the Morningstar site actually has intra-day estimates. Perhaps with a 30 minute delay, whereas as I said above the AIC site only takes end of day, once a day. I *think* Morningstar are the only players to offer NAV estimates so if you see them on the HL site for example they are done on the same basis. Although there may be timing issues, e.g. some get NAVs after Asia opens rather than end of previous day.

David (AIC)