“The indicative intraday Net Asset value (iNAV) of the portfolio is calculated according to the following formula: (A + B) / C

Where: 

A = ∑ (nominal per security held in portfolio * Live price per security * Live currency conversion) 
 
B =  the aggregate of all income accruals, nett of permissible deductions, as published daily by the manager based on the previous day’s Net Asset Value calculation:
 
C =  the total number of participatory interests in issue in the portfolio on the previous pricing day
 
In simple terms that means that the iNAV is reasonable indication of the value of a unit in the portfolio that trade during the open trading hours of the JSE. The iNAV is independently calculated by a division within S&P global that specialise in publishing market data.”