The adjusted indicative NAV (iNAV) provides an intra-day estimated value of the Fund’s investments. Schroders has engaged an agent to calculate and disseminate an iNAV throughout the Business Day. The iNAV will be recalculated throughout the day to take into account movements in the price of underlying assets either through live market prices or, where there is no live market price, a price is estimated based on a proxy instrument. The use of proxy instruments is subject to the Schroders Group Instrument Pricing Policy and governance framework. Where there is no appropriate proxy instrument available, the last price at which an asset was quoted or traded will be used. The iNAV is indicative only, and may incorporate securities for which there are no live market prices at the time of calculation and so it may not reflect the actual value of the underlying assets of the Fund.
While Schroders will use best efforts to ensure that the iNAV will be published continuously and will be up-to-date and accurate, Schroders cannot guarantee this will always be the case. The iNAV should not be taken to be or relied upon to determine the price at which the units may trade on Chi-X at any point in time. To the extent permitted by law, neither Schroders nor its appointed agents shall be liable to any person who relies on the iNAV. Investors will be notified via the Chi-X Fund Announcements Platform if there is any material change to the methodology for calculating the iNAV. The price at which units trade on Chi-X may not reflect either the NAV per unit or the iNAV. The adoption of a robust pricing methodology for the iNAV is intended to minimise this differential, as is the role of market maker but will not be able to eliminate it entirely.
The market price and the iNAV price may also deviate because the market price of the units in the Fund is a function of supply and demand amongst investors wishing to buy and sell such units and the bid-offer spread that the market maker is willing to quote for those units.