A fund’s total net asset value and its net asset value per share are related numbers with different scales. Comparing the total directly with one share’s price mixes the whole fund with one unit of it.
Investor.gov defines net asset value as assets minus liabilities. Dividing that amount by the number of outstanding shares produces a per-share figure.
For a fictional example, assets of $1,100,000 minus liabilities of $100,000 leave $1,000,000. With 50,000 shares outstanding, the illustrative NAV per share is $20. These are practice figures, not information about an available investment.
Keep the valuation time attached
Write the date and relevant valuation time beside the figure. A comparison with a market price from another moment can obscure what you are trying to measure.
When reading a fund document, also identify the type of fund and how its shares trade. A per-share valuation is not automatically a price at which every investor can transact whenever they choose.
The useful habit is to carry the denominator through the explanation. “One million in net assets” and “twenty per share” can both be correct, but only when the share count connecting them remains visible.