The underlying value of units in an unlisted managed fund is based on the:

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The underlying value of units in an unlisted managed fund is based on the net prevailing market value of the fund's investment portfolio divided by the number of units issued. This is essentially the net asset value per unit, which is calculated daily by the fund manager. The supply and demand for the units may influence the market price at which they are bought and sold, but the underlying value is based on the value of the investments in the portfolio. Inflation-adjusted value of the fund's net assets may be relevant for determining the real rate of return, but it is not directly related to the underlying value of the units.

The Underlying Value of Units in an Unlisted Managed Fund