Hedge fund guru closed his Tiger Fund after two years of losses, began returning cash to investors.
Like a mutual fund, a closed-end fund is a pool of investments.
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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.
The best site I have found for data on closed-end funds is the Closed End Fund Center, and I have inserted their data into this chart.
The Swiss Helvetia Fund (SWZ) is a closed-end fund composed primarily of Swiss stocks.
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 firm's flagship Oculus fund closed the year up 18% net of fees, with the slightly smaller Composite International fund finishing just behind it at 15.6%.
Special Offer: RMR Asia Pacific Real Estate (RAP) a closed-end fund trading at a 21% discount to NAV.
It could be an issue, however, for a stock, bond, ETF, or closed-end fund that is not frequently traded.
That price gain turns into a past performance number, a fabulous 18% a year on one closed-end fund Hess mentions.
Another closed-end fund, it trades at a 13% discount to net asset value and has an expense ratio of 1.7%.
If this were to occur, it would likely happen very quickly, meaning sharp losses in the closed-end fund income sector.
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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.
The average closed-end fund tracked by Lipper Analytical Services has a 1.34% annual expense burden, the sum of overhead and management fees.
All things being equal, you want to buy a closed-end fund that trades at a wide discount and operates with low overhead.
But I think you also have to take into consideration that retail investors will push closed-end fund discounts and premiums to irrational levels.
The closed-end fund yields 6.4% and trades at a 3.8% premium.
Herzfeld Advisors in Miami, a closed-end fund investor and research firm.
The iShares MSCI Brazil (EWZ) exchange traded fund closed 2.64% lower.
Seven months later, when the arrangement passed regulatory muster and closed, the fund covered its short sale with the Phillips shares it received on exchanging the Tosco stake.
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.
The trouble trickled through to two hedge funds at Bear Stearns that had to be shut down during the summer because of subprime exposure--UBS had also closed its hedge fund division in May--and then the game was on.
The fund is closed to new investors, but Vanguard expects to soon open a new large-cap blend fund run by Primecap.
Consider Central Fund of Canada ( CEF), which is, first of all, a closed-end mutual fund, not an ETF.
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The bad bank will be like a closed-end mutual fund and can be run as such.
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