As I understand it, most US-based funds would calculate their end-of-day NAV after New York has closed. For a fund containing only US-traded holdings, that calculation seems fairly straight-forward. But what about a globally diversified fund, that might have holdings not traded on US times? Would the fund company decide on a specific time and check the current value of all holdings, even if those values are mid-day somewhere else?
I'm basically trying to understand how arbitrary NAV calculations are. If there is a rule of thumb inside a firm that say "we calculate NAV for Global Fund B at some point between 17:00 and 17:30 EST" then there would be no way for an outside party to do the same calculation and arrive at the same result even if they know the full portfolio, that is without knowing exactly when the firm's numbers were run.