> For the complete documentation index, see [llms.txt](https://docs.enzyme.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.enzyme.finance/onyx-user-documentation/enzyme-vault/accounting/portfolio-value.md).

# Portfolio Value

## What is the Portfolio Value?

The Portfolio Value, represents the total value of all investments you made. It is a core input used by Onyx to calculate the Net Asset Value (NAV).

{% hint style="warning" %}
As you are looking at [updating your NAV](/onyx-user-documentation/administration-app/vault/markdown/updating-the-nav.md), you should only be looking at reporting the value of your investments. As such, the Portfolio Value is not supposed to include:\
\- Any accrued fees (Onyx accrues this for you and takes it into account for the NAV Calculation)\
\- Any liquidity held in the Vault smart contract that hasn't been allocated yet - the [Liquidity Buffer](/onyx-user-documentation/enzyme-vault/accounting/liquidity-buffer.md)\
\- Any accounting positions which are to be recorded separately - see [Expenses and Income](/onyx-user-documentation/enzyme-vault/accounting/expenses-and-income.md)
{% endhint %}


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