NAV & PnL

How vault net asset value is computed and how PLP return is measured.

Net asset value

NAV = Cash
    + Market Value of Positions
    + Realized PnL
    − Liabilities
    − Risk Reserves

Everything the vault owns, marked at current market value, minus everything it owes and the buffer set aside for open risk.

Cashunallocated collateral in the vault

Market Value of Positionsopen market exposure marked to price

Realized PnLprofit or loss from settled markets

Liabilitiespending payouts and obligations

Risk Reservesbuffer held against open exposure

NAV(t) = NAV(t−1) + PnL(t) + Deposits(t) − Withdrawals(t)

Deposits and withdrawals change NAV but not share price; only PnL changes what one share is worth.

Return(t) = PLPPrice(t) / PLPPrice(t−1) − 1

Return is measured on share price, not on NAV, precisely because NAV moves when capital flows in or out.

PLPPrice(t−1) = 1.3000
PLPPrice(t)   = 1.3333
Return        = 1.3333 / 1.3000 − 1 ≈ +2.56%

Illustrative arithmetic only. PolyWin does not publish target or historical yields.

PLP holders do not earn interest. They hold a claim on a portfolio: the return is whatever the vault's net asset value does, positive or negative.