Arzesh Maskan, a Tehran-listed property fund, closed at a 52-week high on 12 September 2026; the NAV its 208.9 percent gap is measured against is 122 days old

May thirteenth. That is the last date this housing fund published a value for each of its units. On Saturday the twelfth of September it closed at thirty seven thousand three hundred sixty one rials. Arzesh Maskan is a real estate fund. Its assets are property, not shares or deposits. Its published net asset value is twelve thousand and ninety four rials for every single unit. Every step this symbol has taken since May has been measured against that one figure. Two hundred eight point nine percent, where one hundred percent would mean twice the published value. Any change in the value of the fund's properties after May is not inside that denominator. Today's close was the highest this fund has closed in the last fifty two weeks. Of every hundred rials of the board price, about thirty two is published net asset value. Watch three things: the assembly, the current value report, and the date on the board. One number, two readings, and from the outside you cannot separate them. Every premium you read has a date on its denominator too. Full analysis on Sahmino.com. Is this gap a stale valuation, or real demand for property?