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i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Zombie_fund" title="Zombie fund">closed fund</a>.</div> <p>A <b>closed-end fund</b> (CEF), also known as a <b>closed-end mutual fund</b>,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> is an investment vehicle fund that raises capital by issuing a fixed number of shares at its inception, and then invests that capital in financial assets such as stocks and bonds. After inception it is closed to new capital, although fund managers sometimes employ <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage.</a> Investors can buy and sell the existing shares in secondary markets.<sup id="cite_ref-thaubook_5-0" class="reference"><a href="#cite_note-thaubook-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-SECClosedEndFund_7-0" class="reference"><a href="#cite_note-SECClosedEndFund-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>CEFs are the oldest form of pooled investment still used in the United States, dating to the 1800s. In the United States, closed-end funds sold publicly must be registered under both the <a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">Securities Act of 1933</a> and the <a href="/wiki/Investment_Company_Act_of_1940" title="Investment Company Act of 1940">Investment Company Act of 1940</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>U.S.-based closed-end funds are referred to under the law as <i>closed-end companies</i> and form one of three <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">SEC</a>-recognized types of investment companies along with <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a> and <a href="/wiki/Unit_investment_trust" title="Unit investment trust">unit investment trusts</a>.<sup id="cite_ref-SECClosedEndFund_7-1" class="reference"><a href="#cite_note-SECClosedEndFund-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company. The fund's charter, prospectus and the applicable government regulations specify the types of investments the fund manager is permitted to buy. Some funds invest in stocks, others in bonds, and some in very specific assets (for instance, tax-exempt bonds issued by the state of <a href="/wiki/Florida" title="Florida">Florida</a> in the USA). </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Distinguishing_features">Distinguishing features</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=1" title="Edit section: Distinguishing features"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A closed-end fund differs from an open-end mutual fund in that: </p> <ul><li>Closed-end fund shares are traded on stock exchanges, and can be purchased and sold through brokers at any time during market hours. An open-end fund can usually be traded only by transacting directly with the investment company that manages the fund, at a time of day specified by the investment company, and the dealing price will usually not be known in advance.<sup id="cite_ref-bodiebook_9-0" class="reference"><a href="#cite_note-bodiebook-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></li> <li>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).<sup id="cite_ref-thaubook_5-1" class="reference"><a href="#cite_note-thaubook-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 340–341">: 340–341 </span></sup> 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.<sup id="cite_ref-bodiebook_9-1" class="reference"><a href="#cite_note-bodiebook-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 86">: 86 </span></sup></li> <li>Closed-end fund investors who wish to exit the investment can do so only by selling the funds' shares to other investors on stock exchanges. In contrast, open-end funds are redeemed directly by the fund at net asset value.<sup id="cite_ref-bodiebook_9-2" class="reference"><a href="#cite_note-bodiebook-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 85">: 85 </span></sup></li> <li>In the United States, a closed-end company can own unlisted securities.<sup id="cite_ref-SECClosedEndFund_7-2" class="reference"><a href="#cite_note-SECClosedEndFund-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ul> <p>Another distinguishing feature of a closed-end fund is the common use of <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> (gearing) to obtain new money to invest after the fund's inception. This can be done by issuing <a href="/wiki/Preferred_stock" title="Preferred stock">preferred stock</a>, <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a> or <a href="/wiki/Rights_offering" class="mw-redirect" title="Rights offering">rights offerings</a>. Leverage amplifies gains when the market prices of the fund's investments rise, but it also amplifies losses when market prices decrease. This increases the volatility of a leveraged fund's net asset value, compared with an unleveraged peer.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>The amount of leverage a fund uses is expressed as a percent of total fund assets (e.g. if it has a 25% leverage ratio, that means that for each $100 of total assets under management, $75 is equity and $25 is debt). In some cases, fund managers charge management fees based on the total managed assets of the fund, which includes leverage. This further reduces the income benefit of leverage to the common shareholder, while retaining the additional <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a>. </p><p>Leveraged funds can seem to have higher expense ratios—a common way that investors compare funds—than their non-leveraged peers. Some investment analysts advocate that expenses attributable to the use of leverage should be considered a reduction of investment income rather than an expense, and publish adjusted ratios. </p><p>Since stock in closed-end funds is traded like other stock, an investor trading them will pay a brokerage commission similar to that paid when trading other stocks (as opposed to commissions on open-ended mutual funds, where the commission will vary based on the share class chosen and the method of purchasing the fund). In other words, closed-end funds typically do not have sales-based share classes with different commission rates and annual fees. The main exception is loan-participation funds. </p> <div class="mw-heading mw-heading2"><h2 id="Comparison_to_exchange-traded_funds_(ETFs)"><span id="Comparison_to_exchange-traded_funds_.28ETFs.29"></span>Comparison to exchange-traded funds (ETFs)</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=2" title="Edit section: Comparison to exchange-traded funds (ETFs)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Closed-end funds are traded on exchanges, and in that respect they are like <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">exchange-traded funds</a> (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. In contrast, the market price of an ETF trades in a narrow range very close to its net asset value, because the structure of ETFs allows major market participants to redeem shares of an ETF for a "basket" of the fund's underlying assets.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> This feature could in theory lead to potential <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> profits if the market price of the ETF were to diverge substantially from its NAV. The market prices of closed-end funds are often 10% to 20% higher or lower than their NAV, while the market price of an ETF is typically within 1% of its NAV. Since the market downturn of late 2008, a number of fixed income ETFs have traded at premiums of roughly 2% to 3% above their NAV. </p> <div class="mw-heading mw-heading2"><h2 id="Discounts_and_premiums">Discounts and premiums</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=3" title="Edit section: Discounts and premiums"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Closed-end fund shares often trade at prices that deviate from the market values of the securities in their portfolios. Such funds have a long history of trading at a discount to market value, although they may also trade at a premium.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-lee_14-0" class="reference"><a href="#cite_note-lee-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Reasons for the tendency towards discount pricing are thought to include: </p> <ul><li>investor perception that the fund's management fees are too high, or that future performance will be disappointing;<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup></li> <li>stockbrokers' reluctance to recommend closed-end funds to customers because other investments such as mutual funds generate higher sales commissions;<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></li> <li>concerns that closed-end fund net asset values overstate the true market value of the underlying investments, for example because the fund holds illiquid securities (such as private placements or restricted stock), or because net asset value does not reflect capital gains taxes that will be incurred when the fund sells the underlying investments;<sup id="cite_ref-lee_14-1" class="reference"><a href="#cite_note-lee-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 78–79">: 78–79 </span></sup><sup id="cite_ref-Herzfeld_p._8-17_19-0" class="reference"><a href="#cite_note-Herzfeld_p._8-17-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li> <li>the practice of deducting fund expenses before dividends are distributed to investors, which makes the fund's yield lower than would be obtained by buying the identical stocks in the open market;<sup id="cite_ref-Herzfeld_p._8-17_19-1" class="reference"><a href="#cite_note-Herzfeld_p._8-17-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li> <li>the belief that closed-end funds tend to attract less astute individual investors, rather than professional or institutional investors,<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> and that individuals tend to be "noise traders", whose expectations about future returns are too high in some periods and too low in others, or who believe they have special information that provides them with insight about future trends;<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> and</li> <li>individual investors' tendency to sell closed-end funds near the end of the year, which causes discounts to widen near the end of the year.<sup id="cite_ref-Herzfeld_p._8-17_19-2" class="reference"><a href="#cite_note-Herzfeld_p._8-17-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li></ul> <p>However, financial economists <a href="/wiki/Zvi_Bodie" title="Zvi Bodie">Zvi Bodie</a>, Alex Kane and <a href="/wiki/Alan_Marcus" title="Alan Marcus">Alan J. Marcus</a> have opined that the various hypotheses put forth do not fully explain the persistence of discount pricing.<sup id="cite_ref-bodiebook_9-3" class="reference"><a href="#cite_note-bodiebook-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 86">: 86 </span></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Recent_trends">Recent trends</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=4" title="Edit section: Recent trends"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Thomas_J._Herzfeld" title="Thomas J. Herzfeld">Herzfeld Closed-End Average</a> traded at a discount to net asset value during most of calendar year 2022<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> and all of 2023,<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> according to the American weekly financial newspaper <a href="/wiki/Barron%27s" title="Barron's">Barron's</a>. This average measures 15 equally-weighted closed-end funds based in the U.S. that invest primarily in U.S. equities. </p> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=5" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Among the biggest, long-running closed end funds are: </p> <ul><li><a href="/wiki/Adams_Express_Company" class="mw-redirect" title="Adams Express Company">Adams Express Company</a> (<a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>:ADX)</li> <li>Witan Investment Trust plc (<a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">LSE</a>:WTAN)</li> <li><a href="/wiki/Scottish_Mortgage_Investment_Trust" title="Scottish Mortgage Investment Trust">Scottish Mortgage Investment Trust</a> (<a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">LSE</a>:SMT)</li> <li>Tri-Continental Corporation (<a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>:TY)</li> <li>Gabelli Equity Trust (<a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>:GAB)</li> <li><a href="/wiki/General_American_Investors_Company" title="General American Investors Company">General American Investors Company</a> (<a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>:GAM)</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.cefa.com/about-cefa/">Closed-End Fund Association</a>: non-profit national trade association representing the closed-end fund industry</li> <li><a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">Collective investment schemes</a>: for generic information.</li> <li><a href="/wiki/Investment_trust" title="Investment trust">Investment trust</a>: a <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> closed-ended collective investment</li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual funds</a>: for <a href="/wiki/United_States" title="United States">United States</a> information.</li> <li><a href="/wiki/Listed_investment_company" title="Listed investment company">Listed investment companies</a>: for <a href="/wiki/Australia" title="Australia">Australia</a>.</li></ul> <ul><li>Relevant articles in <a href="/wiki/The_Journal_of_Finance" title="The Journal of Finance">The Journal of Finance</a>: <ul><li><i>Managerial Ability, Compensation and the Closed-End Fund Discount.</i> <a href="/wiki/Jonathan_Berk_(finance)" class="mw-redirect" title="Jonathan Berk (finance)">Jonathan B. Berk</a> and Richard Stanton. April 2007.</li> <li><i>Noise Trading in Small Markets.</i> Frederic Palomino. September 1996.</li> <li><i>An Investor Expectations Stock Price Predictive Model Using Closed-End Fund Premiums.</i> <a href="/wiki/Martin_Zweig" title="Martin Zweig">Martin E. Zweig.</a> March 1993.</li> <li><i>Closed‐End Fund Shares' Abnormal Returns and the Information Content of Discounts and Premiums.</i> Greggory A. Brauer. March 1988.</li></ul></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/articles/mutualfund/07/closed_end_funds.asp">"An Introduction to Closed-End Mutual Funds"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=An+Introduction+to+Closed-End+Mutual+Funds&rft_id=https%3A%2F%2Fwww.investopedia.com%2Farticles%2Fmutualfund%2F07%2Fclosed_end_funds.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.broadridgeadvisor.com/kt/trns.aspx?xd=IV13&xsl=content&il=tm&firm=Weinberg%20Lieberman%20%26%20Co%2E">"What is the difference between an open-end and a closed-end mutual fund?"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+is+the+difference+between+an+open-end+and+a+closed-end+mutual+fund%3F&rft_id=https%3A%2F%2Fwww.broadridgeadvisor.com%2Fkt%2Ftrns.aspx%3Fxd%3DIV13%26xsl%3Dcontent%26il%3Dtm%26firm%3DWeinberg%2520Lieberman%2520%2526%2520Co%252E&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://corporatefinanceinstitute.com/resources/wealth-management/closed-end-mutual-funds/">"Closed-end Mutual Funds"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Closed-end+Mutual+Funds&rft_id=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Fwealth-management%2Fclosed-end-mutual-funds%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/open-end-vs-closed-end-mutual-funds/">"Open-end vs Closed-end Mutual Funds"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Open-end+vs+Closed-end+Mutual+Funds&rft_id=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Fcareer-map%2Fsell-side%2Fcapital-markets%2Fopen-end-vs-closed-end-mutual-funds%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-thaubook-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-thaubook_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-thaubook_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFThau2001" class="citation book cs1">Thau, Annette (2001). <i>The Bond Book</i>. New York: McGraw Hill. pp. <span class="nowrap">340–</span>341. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-07-135862-5" title="Special:BookSources/0-07-135862-5"><bdi>0-07-135862-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Bond+Book&rft.place=New+York&rft.pages=%3Cspan+class%3D%22nowrap%22%3E340-%3C%2Fspan%3E341&rft.pub=McGraw+Hill&rft.date=2001&rft.isbn=0-07-135862-5&rft.aulast=Thau&rft.aufirst=Annette&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Lemke, Lins and Smith, <i>Regulation of Investment Companies</i>, §9.05 (Matthew Bender, 2014 ed.).</span> </li> <li id="cite_note-SECClosedEndFund-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-SECClosedEndFund_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-SECClosedEndFund_7-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-SECClosedEndFund_7-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/answers/mfclose.htm">"Closed-End Fund Information"</a>. <i>SEC.gov</i>. <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a>. 2013-01-16<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-12-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=SEC.gov&rft.atitle=Closed-End+Fund+Information&rft.date=2013-01-16&rft_id=https%3A%2F%2Fwww.sec.gov%2Fanswers%2Fmfclose.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Lemke, Lins and Smith, <i>Regulation of Investment Companies</i>, §5.02[2][b] (Matthew Bender, 2014 ed.).</span> </li> <li id="cite_note-bodiebook-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-bodiebook_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-bodiebook_9-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-bodiebook_9-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-bodiebook_9-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBodieKaneMarcus2010" class="citation book cs1">Bodie, Zvi; Kane, Alan; Marcus, Alan J. (2010). <i>Essentials of Investments</i> (eight ed.). New York: McGraw Hill/Irwin. p. 85. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-338240-1" title="Special:BookSources/978-0-07-338240-1"><bdi>978-0-07-338240-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Essentials+of+Investments&rft.place=New+York&rft.pages=85&rft.edition=eight&rft.pub=McGraw+Hill%2FIrwin&rft.date=2010&rft.isbn=978-0-07-338240-1&rft.aulast=Bodie&rft.aufirst=Zvi&rft.au=Kane%2C+Alan&rft.au=Marcus%2C+Alan+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBraham2023" class="citation news cs1">Braham, Lewis (May 1, 2023). "Closed-End Bond Funds Sell at Steep Discounts". Barron's.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Closed-End+Bond+Funds+Sell+at+Steep+Discounts&rft.date=2023-05-01&rft.aulast=Braham&rft.aufirst=Lewis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation book cs1"><i>Thau p. 340-341</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Thau+p.+340-341&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFInvestopedia2015" class="citation news cs1">Investopedia (2015-05-28). <a rel="nofollow" class="external text" href="http://www.investopedia.com/ask/answers/052815/what-difference-between-etfs-net-asset-value-nav-and-its-market-price.asp">"What is the difference between an ETF's net asset value (NAV) and its market price?"</a>. <i>Investopedia</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">31 May</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Boaz+v+BlackRock%3A+Whoever+wins%2C+closed-end+funds+lose&rft.date=2024-05-25&rft.au=Buttonwood&rft_id=https%3A%2F%2Fwww.economist.com%2Ffinance-and-economics%2F2024%2F05%2F23%2Fboaz-v-blackrock-whoever-wins-closed-end-funds-lose&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-lee-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-lee_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-lee_14-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLee,_Charles_M.;_Shliefer,_Andre;_Thaler,_Richard_H.1991" class="citation journal cs1">Lee, Charles M.; Shliefer, Andre; <a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler, Richard H</a>. 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Archived from <a rel="nofollow" class="external text" href="http://www.economics.harvard.edu/faculty/shleifer/files/InvestorSentiment.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2010-07-06<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-12-01</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Investor+Sentiment+and+the+Closed-End+Fund+Puzzle&rft_id=http%3A%2F%2Fwww.economics.harvard.edu%2Ffaculty%2Fshleifer%2Ffiles%2FInvestorSentiment.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span> accessed on 31/10/11</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFForsythe" class="citation news cs1">Forsythe, Randall. <a rel="nofollow" class="external text" href="https://www.barrons.com/articles/play-the-closed-end-fund-game-with-the-pros-51618399802">"Play the Closed-End Fund Game with the Pros"</a>. Barron's<span class="reference-accessdate">. Retrieved <span class="nowrap">7 May</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Play+the+Closed-End+Fund+Game+with+the+Pros&rft.aulast=Forsythe&rft.aufirst=Randall&rft_id=https%3A%2F%2Fwww.barrons.com%2Farticles%2Fplay-the-closed-end-fund-game-with-the-pros-51618399802&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation journal cs1">"Lee et al p. 78".</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Lee+et+al+p.+78&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHerzfeld1993" class="citation book cs1">Herzfeld, Thomas J. (1993). <i>Herzfeld's Guide to Closed-End Funds</i>. 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Barron's/Dow Jones<span class="reference-accessdate">. Retrieved <span class="nowrap">7 May</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Play+the+Closed-End+Fund+Game+with+the+Pros&rft.date=2021-04-14&rft.aulast=Forsyth&rft.aufirst=Randall&rft_id=https%3A%2F%2Fwww.barrons.com%2Farticles%2Fplay-the-closed-end-fund-game-with-the-pros-51618399802&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation journal cs1">"Lee et al p. 78-79".</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Lee+et+al+p.+78-79&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1">"Tracking Closed-End Funds". Barron's Market Lab newsletter. December 31, 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Tracking+Closed-End+Funds&rft.date=2022-12-31&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1">"Tracking Closed-End Funds". Barron's Market Lab newsletter. January 1, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Tracking+Closed-End+Funds&rft.date=2024-01-01&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClosed-end+fund" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Closed-end_fund&action=edit&section=8" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.sec.gov/answers/mfinvco.htm">SEC</a> – US Securities and Exchange Commission description of investment company types</li> <li><a rel="nofollow" class="external text" href="https://www.aicalliance.org">AICA</a> - The Active Investment Company Alliance - Trade Association for Listed/Non-Listed closed end funds /business development companies</li> <li><a rel="nofollow" class="external text" href="http://www.cefa.com">CEFA</a> – The Closed-End Fund Association (US)</li> <li><a rel="nofollow" class="external text" href="http://www.cefa.us">CEFA</a> – The Closed-End Fund Association member website (US)</li> <li><a rel="nofollow" class="external text" href="http://www.ici.org">Investment Company Institute</a> – The US association of investment companies</li> <li><a rel="nofollow" class="external text" href="https://www.theaic.co.uk/">AIC</a> – Association of Investment Companies (UK trade body)</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080516122332/http://www.asx.com.au/investor/lmi/how/inv_companies_trusts.htm">Australian Stock Exchange site</a> – Australian LICs</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_contractual_fund" title="Common contractual fund">Common contractual fund</a> (CCF)</li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund</a> (ETF)</li> <li><a href="/wiki/Fonds_commun_de_placement" title="Fonds commun de placement">Fonds commun de placement</a> (FCP)</li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Investment_trust" title="Investment trust">Investment trust</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge fund</a></li> <li><a href="/wiki/Labour-sponsored_venture_capital_corporation" title="Labour-sponsored venture capital corporation">Labour-sponsored venture capital corporation</a></li> <li><a href="/wiki/Listed_investment_company" title="Listed investment company">Listed investment company</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Offshore_fund" title="Offshore fund">Offshore fund</a></li> <li><a href="/wiki/Open-ended_fund_company" title="Open-ended fund company">Open-ended fund company</a></li> <li><a href="/wiki/Open-ended_investment_company" title="Open-ended investment company">Open-ended investment company</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">Private-equity fund</a></li> <li><a href="/wiki/Qualifying_investor_alternative_investment_fund" title="Qualifying investor alternative investment fund">Qualifying investor alternative investment fund</a> (QIAIF)</li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a> (REIT)</li> <li><a href="/wiki/Royalty_trust" title="Royalty trust">Royalty trust</a></li> <li><a href="/wiki/Short-term_investment_fund" title="Short-term investment fund">Short-term investment fund</a></li> <li><a href="/wiki/SICAV" title="SICAV">SICAV</a></li> <li><a href="/wiki/Split_capital_investment_trust" title="Split capital investment trust">Split capital investment trust</a></li> <li><a href="/wiki/Tax_transparent_fund" title="Tax transparent fund">Tax transparent fund</a></li> <li><a href="/wiki/Umbrella_fund" title="Umbrella fund">Umbrella fund</a></li> <li><a href="/wiki/Unit_investment_trust" title="Unit investment trust">Unit investment trust</a></li> <li><a href="/wiki/Unit_trust" title="Unit trust">Unit trust</a></li> <li><a href="/wiki/Unitised_insurance_fund" title="Unitised insurance fund">Unitised insurance fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment styles</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Active_management" title="Active management">Active</a> / <a href="/wiki/Passive_management" title="Passive management">passive management</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge Funds</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Manager_of_managers_fund" class="mw-redirect" title="Manager of managers fund">Manager of managers</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">Socially responsible investing</a></li> <li><a href="/wiki/Social_trading" title="Social trading">Social trading</a></li> <li><a href="/wiki/Thematic_investing" title="Thematic investing">Thematic investing</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value</a> / <a href="/wiki/Growth_investing" title="Growth investing">growth investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terminology</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Closed-end fund</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investor</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a></li> <li><a href="/wiki/Open-end_fund" title="Open-end fund">Open-end fund</a></li> <li><a href="/wiki/Performance_fee" title="Performance fee">Performance fee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theory</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a> (<a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a>, <a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a>)</li> <li><a href="/wiki/Martingale_pricing" title="Martingale pricing">Martingale pricing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a></li> <li><a href="/wiki/Noisy_market_hypothesis" title="Noisy market hypothesis">Noisy market hypothesis</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Commodity_pool_operator" title="Commodity pool operator">Commodity pool operator</a></li> <li><a href="/wiki/Robo-advisor" title="Robo-advisor">Robo-advisor</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li> <li><a href="/wiki/Undertakings_for_Collective_Investment_in_Transferable_Securities_Directives" class="mw-redirect" title="Undertakings for Collective Investment in Transferable Securities Directives">UCITS</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" 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