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Closed-end funds are traded on exchanges, and in that respect they are like exchange-traded funds (ETFs), but there are important differences between these two kinds of security. The price of a closed-end fund's shares is completely determined by investor demand, and this price often diverges substantially from the NAV of the fund assets.
Closed-end funds have been around since 1893. So how do the granddaddies of the investment fund world stack up beside the somewhat new kid on the block -- the exchange-traded fund? "The fact that ...
Here are some of the best closed-end funds to consider in 2023: Abrdn Total Dynamic Dividend Fund (AOD) BlackRock ESG Capital Allocation Term Trust (ECAT) Cohen & Steers Quality Income Realty Fund ...
He explored how closed-end fund discounts are influenced by individual investor sentiment, finding that discounts narrow when small stocks perform well. [22] Later, he demonstrated that systematic retail investor trading, particularly in small-cap, value, and low-priced stocks, explains return comovements and supports the role of investor ...
In addition to several books, he has also written influential articles, including "The Valuation of Closed-End Investment Company Shares," Journal of Finance (1977). This article discussed the puzzle of why closed-end fund companies typically trade at market valuations lower than the net value of their assets.
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 ...