Net Asset Value, or more commonly called as NAV. One of the most tracked, yet utterly useless, some might even argue dangerous, information about a mutual fund
Let's first talk about stocks. We know that a stock, say Reliance or HDFC, trades on the stock market and has its price quoted daily. Some day it goes from 1000 to 1100, and hence becomes more expensive. On other days, it goes from 1000 to 900, and hence becomes relatively cheap. A value investor is always looking for cheaper stock price to be able to get better returns. This is a very simplistic explanation about the price of a stock. But it's basically our understanding of what the stock price tells us.
A Mutual Fund, on the other hand, is a collection of various securities, i.e., stocks, bonds and other financial instruments. Instead of stocks, investors buy units, and instead of stock price, each unit has a NAV (Net Asset Value). However, what needs to be kept in mind...