It is important know that the NAV and the market prices of close-ended schemes are never the same. Close-ended schemes always trade at a discount. What explains this discount? And why does this discount differ from one fund to another? The discount is partly explained by the time frame of investment. Most close-ended funds have a rather long time frame of investment, typically, five to 15 years (while some may never be redeemed).
That makes it impossible to predict the ability of the fund to liquidate its portfolio at market prices or even close to market prices (since they often have large holdings in companies). This discount, however, reduces (market price comes closer to NAV) as the fund nears redemption. Or if it is being converted into an open-ended fund, where the pricing is based on the NAV. Otherwise, any other difference in the rate of discount from one fund to another has got to do with the fund objective, quality of its portfolio and so on. If the stock markets view on the quality of its portfolio and the fund’s manager are positive, its share price will trade closer to NAV.