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This observable inefficiency offers investors the ability to purchase closed-end funds at a discount to their NAV. "We opportunistically invest in closed-end funds that have attractive discounts ...
A closed-end fund usually trades at a premium or discount to the market value of its assets (known as net asset value, or NAV). [ 5 ] : 340–341 In contrast, the price of an open-end fund cannot fall below net asset value, because the funds are required to transact with investors only at net asset value.
Closed-end funds sell shares in public offerings, after which the shares are traded at market prices on exchanges. The shares may sell above or below the fund’s NAV. Here’s a list of the top ...
If the NAV in the above example had, with the same assets, been calculated as $160 million (and the NAV per share as $160), the investor would have been given 250,000 shares and would become entitled to 1/5 of the fund's value. In contrast, closed-end funds are traded in the open market between investors, bought and sold at market prices and ...
With the rapid rise of the ETF revolution over the past two decades, closed-end funds have fallen out of the limelight. But even though exchange-traded funds seem to get all the attention, closed ...
The price that investors receive for their shares may be significantly different from net asset value (NAV); it may be at a "premium" to NAV (i.e., higher than NAV) or, more commonly, at a "discount" to NAV (i.e., lower than NAV). In the United States, at the end of 2018, there were 506 closed-end mutual funds with combined assets of $0.25 ...
The funds most investors are accustomed to are open-ended ones like mutual funds and exchange-traded funds -- they can issue new shares when they want to raise money, and investors can buy the ...
But for the funds' market value to closely track the underlying portfolio value—a problem with closed-end funds whose shares often fell to discounts—fund shares also needed to be redeemable daily for cash or for underlying assets at net asset value (NAV).
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