I think this is a misconception by itself.

When speaking of NAV, one should not be comparing the actual NAV price amount relative to its peers (that is just stupid), but rather its own NAV value to its own historical price. The fund NAV can as such use to identify its underlying holding is doing well or not base on historical basis. FSM graph has already been adjusted to take into account distribution. One dont need to see the actual "price" of the NAV but rather the graph itself as a guide to historical performance. U telling me if the graph shows all time high and the underlying holding can actually be less valued compared to if when it is at lower NAV (assuming adjusted already)? Cannot be ma... When comparing to other peer fund, of course u cant compare the NAV of fund A and B. This is obvious. That NAV number is arbitrary and only useful when compared to itself, not to others. Dont confuse people by saying NAV dont reflect anything.