Hi Guys

I have been searching google for a laymans definition of these two valuation methods. Unfortunately the definitions leave with more questions than answers as they dont seem to be any different.

Was wondering if someone could give me a very simple summary of the these measures.

For example1: if you have a fund that has no positions and just cash $100m in the account. what is its net equity and NAV?

Example 2: If you then spend that 100m on assets that appreciate to 106m, therefore PnL of 6m. whats your NAV and Net equity at this point?

Example3: You borrow another 100m, and buy another set of assets that appreciate to 104m. Net profit ($10m).
Whats your NAV and Net Equity now, bearing in mind the leveraged position?

sorry these scenarios seem very simple but trying to go back to basics on this one.

Cheers

J