from Investopedia it is Calculated as:
So in the context of corporate financial statements of publicly traded companies like in the PSE, the NAVPS, more commonly referred to as book value per share of the company, is usually below the market price per share. The historical cost accounting principle, which tends to understate certain asset values, and the supply and demand forces of the marketplace generally push stock prices above book value per share valuations. Since we are talking about the mutual fund and publicly traded funds. Mutual Fund Companies are also publicly traded in index funds. Below is the image of MF performance in the Philippine Stockmarket now through its gain/loss.
Disclaimer: Past performance doesn't guarantee future returns of your investment do your own research before investing.
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thanks for reading :)