NAV is calculated by the fund administrator, independently of the manager, using the valuation policy in the fund's documents. Assets are priced at the valuation point, accrued fees and expenses are deducted, and the result is divided across the shares outstanding, by class where classes differ.
NAV frequency determines how often investors can deal and how current the fund's reported value is. Traditional hedge funds strike NAV monthly; daily NAV is standard for liquid products and is increasingly expected for digital-asset strategies whose markets trade continuously.