The Swiss Helvetia Fund (SWZ) is a closed-end fund composed primarily of Swiss stocks.
On the other hand, U.S. companies might buy the dollar for year-end fund repatriation, he added.
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The idea was to first convert this small, open-end fund into a closed-end.
It could be an issue, however, for a stock, bond, ETF, or closed-end fund that is not frequently traded.
The SuperTrust structure had share creation and redemption characteristics of an open-end fund and the trading flexibility of a stock.
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.
Like a mutual fund, a closed-end fund is a pool of investments.
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But I think you also have to take into consideration that retail investors will push closed-end fund discounts and premiums to irrational levels.
That's not as cheap as Vanguard Health Care, an equally high-flying open-end fund (up an identical 35% this year) that charges just 0.4%.
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.
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 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 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.
When an open-end fund realizes a capital gain, that gain is "passed through" to fund shareholders, even if the security was bought 20 years ago and an investor bought into the fund only the week before.
The market is in its traditional favorable season of November to May when extra chunks of money flow in automatically, particularly in December and January, from year-end fund distributions, year-end corporate contributions to profit-sharing, pension, IRA, 401K plans, and so on.
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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.
An alternative, some investors say, is to purchase shares in a closed-end mutual fund that owns bullion.
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