For Hedge Funds, I understand that Net Asset Value(NAV) is calculated as follows:
NAV = (Assets - Liability)/(Total number of outstanding shares)
However, I've heard the term Average Net Asset Value(NAV) for a Hedge Fund.
1) Could someone please explain What is an Average Net Asset Value(NAV) for a Hedge Fund?
2) how do we calculate said Average NAV for a Hedge Fund?
3) How different is an Average NAV for a Mutual Fund?