But a closed end generally has a fixed number of shares, which trade on a stock exchange, where their prices can deviate from the underlying value of their holdings.
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The idea was to first convert this small, open-end fund into a closed-end.
Like a mutual fund, a closed-end fund is a pool of investments.
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The bad bank will be like a closed-end mutual fund and can be run as such.
The Swiss Helvetia Fund (SWZ) is a closed-end fund composed primarily of Swiss stocks.
The Pimco High Income Fund is a closed-end collection of junk bonds, bought on margin.
An alternative, some investors say, is to purchase shares in a closed-end mutual fund that owns bullion.
Special Offer: RMR Asia Pacific Real Estate (RAP) a closed-end fund trading at a 21% discount to NAV.
Consider Central Fund of Canada ( CEF), which is, first of all, a closed-end mutual fund, not an ETF.
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This is essentially a closed-end fund holding only gold, and is far superior to a gold ETF like GLD and others.
Again, there is little precedent for the conversion of a closed-end fund to an operating company, if not for the self-dealing.
All things being equal, you want to buy a closed-end fund that trades at a wide discount and operates with low overhead.
In 2002 Mike tried another tactic to raise funds for acquisitions, launching Epic Brand Investments, a closed-end private equity fund listed in London.
An alternative to EWG is the New Germany Fund ( GF), a closed-end fund that invests primarily in small- and mid-cap German companies.
The gurus also made a big buy into the Templeton Dragon Fund, a closed-end fund that invests primarily in the equities of Chinese companies.
Bruce Jenkyn-Jones and Ian Simm at Impax Asset Management run the three-year-old Impax Environmental Markets fund, a closed-end fund with 41 million pounds in assets.
Herzfeld Advisors in Miami, a closed-end fund investor and research firm.
The only sure way to drive a closed-end fund closer to its net asset value is to attract a raider who tries to force management changes or a liquidation.
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"If you keep throwing out more income than you can possibly make, someday your assets will go to zero, " says Mariana Bush, a closed-end fund analyst at Wells Fargo Advisors.
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If you choose a closed-end fund trading at a discount to its net asset value, you might also get some capital appreciation, says Maury Fertig, chief investment officer at Relative Value Partners LLC, Northbrook, Ill.
There are several ways to invest in small-cap stocks, including some very liquid small-cap ETFs, a closed-end small-cap fund, or through individual small-cap stocks, where the risk (as well as the potential reward) is much higher.
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Add up moderate expenses, high discount and terrific past results and you have a Forbes closed-end Best Buy (see table).
Floating-rate funds come in three varieties: open-end, closed-end and a hybrid of the two.
Add up moderate expenses, high discount and terrific past results and you have a Forbes Global closed-end Best Buy, (see table), p. 72.
"I don't think a portfolio of just closed-end funds is realistic or useful, " he declares.
That price gain turns into a past performance number, a fabulous 18% a year on one closed-end fund Hess mentions.
Lee Manning, a partner at Deloitte LLP's restructuring team, estimates that typically half of all stores of a collapsed brand end up closed.
It's a type of security that has been around since Congress created a new class of closed-end funds in 1980 that allows individuals to tap into private-equity deals.
However, Bao Viet, Vietnam's largest insurance company, which was privatized in May, is expected to list on a main exchange soon and is worth watching, says Indochina Capital's Chief Executive Peter Ryder, who manages the Indochina Capital Vietnam Holdings fund, a London-traded closed-end.
Worse, two little-noticed but important bits of the market have imploded this month, and there are fears for a third, known as closed-end municipal-bond funds.
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