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<span>Active management</span> </div> </a> <ul id="toc-Active_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Net_asset_value" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Net_asset_value"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Net asset value</span> </div> </a> <ul id="toc-Net_asset_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Forward_Pricing_Rule_22c-1" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Forward_Pricing_Rule_22c-1"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Forward Pricing Rule 22c-1</span> </div> </a> <ul id="toc-Forward_Pricing_Rule_22c-1-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hedge_funds" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Hedge_funds"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Hedge funds</span> </div> </a> <ul id="toc-Hedge_funds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Examples" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Examples"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Examples</span> </div> </a> <ul id="toc-Examples-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div 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mw-list-item"><a href="https://de.wikipedia.org/wiki/Offener_Investmentfonds" title="Offener Investmentfonds – German" lang="de" hreflang="de" data-title="Offener Investmentfonds" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Investa_fonduso" title="Investa fonduso – Esperanto" lang="eo" hreflang="eo" data-title="Investa fonduso" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C_%D8%A8%D8%A7_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87_%D9%85%D8%AA%D8%BA%DB%8C%D8%B1" title="صندوق سرمایه‌گذاری با سرمایه متغیر – Persian" lang="fa" 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0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Open-end_fund" title="Special:EditPage/Open-end fund">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Open-end+fund%22">"Open-end fund"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Open-end+fund%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Open-end+fund%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Open-end+fund%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Open-end+fund%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Open-end+fund%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">September 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>Open-end fund</b> (or <b>open-ended fund</b>) is a <a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">collective investment scheme</a> that can issue and redeem shares at any time. An investor will generally purchase shares in the fund directly from the fund itself, rather than from the existing shareholders. The term contrasts with a <a href="/wiki/Closed-end_fund" title="Closed-end fund">closed-end fund</a>, which typically issues at the outset all the shares that it will issue, with such shares usually thereafter being tradable among investors. </p><p>Open-ended funds are available in most developed countries, but the terminology and operating rules vary. US <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>, UK <a href="/wiki/Unit_trust" title="Unit trust">unit trusts</a> and <a href="/wiki/Open-ended_investment_company" title="Open-ended investment company">OEICs</a>, European <a href="/wiki/SICAV" title="SICAV">SICAVs</a>, and <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> are all examples of open-ended funds. </p><p>The price at which shares in an open-ended fund are issued or can be redeemed will vary in proportion to the <a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a> of the fund and so directly reflects its performance. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Fees">Fees</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open-end_fund&action=edit&section=1" title="Edit section: Fees"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There may be a percentage charge levied on the purchase of shares or units. Some of these fees are called an initial charge (UK) or 'front-end load' (US). Some fees are charged by a fund on the sale of these units, called a 'close-end load,' that may be waived after several years of owning the fund. Some of the fees cover the cost of distributing the fund by paying commission to the adviser or broker that arranged the purchase. These fees are commonly referred to as <a href="/wiki/Mutual_fund_fees_and_expenses" title="Mutual fund fees and expenses">12b-1</a> fees in US. </p><p>Not all fund have initial charges; if there are no such charges levied, the fund is "<a href="/wiki/Mutual_fund_fees_and_expenses" title="Mutual fund fees and expenses">no-load</a>" (US). </p><p>These charges may represent profit for the fund manager or go back into the fund. </p> <div class="mw-heading mw-heading2"><h2 id="Active_management">Active management</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open-end_fund&action=edit&section=2" title="Edit section: Active management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Most open-end funds are actively managed, meaning that a portfolio manager picks the <a href="/w/index.php?title=Securities_to_buy&action=edit&redlink=1" class="new" title="Securities to buy (page does not exist)">securities to buy</a>, although <a href="/wiki/Index_fund" title="Index fund">index funds</a> are now<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (November 2024)">when?</span></a></i>]</sup> growing in popularity. Index funds are open-end funds that attempt to replicate an index, such as the S&P 500, and therefore do not allow the manager to actively choose securities to buy. </p> <div class="mw-heading mw-heading2"><h2 id="Net_asset_value">Net asset value</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open-end_fund&action=edit&section=3" title="Edit section: Net asset value"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote 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">Main article: <a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a></div> <p>The price per share, or NAV (<a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a>), is calculated by dividing the fund's assets minus liabilities by the number of shares outstanding. This is usually calculated at the end of every trading day. </p> <div class="mw-heading mw-heading2"><h2 id="Forward_Pricing_Rule_22c-1">Forward Pricing Rule 22c-1</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open-end_fund&action=edit&section=4" title="Edit section: Forward Pricing Rule 22c-1"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Based on the forward pricing rule (22c-1); funds and their principal underwriters, and dealers must sell interests in the fund based on the Net Asset Value (NAV) which is calculated daily.<sup id="cite_ref-RIN_3235-AJ01_1-0" class="reference"><a href="#cite_note-RIN_3235-AJ01-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This helps to mitigate shareholder dilution, as well as increasing efficiency. </p> <div class="mw-heading mw-heading2"><h2 id="Hedge_funds">Hedge funds</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open-end_fund&action=edit&section=5" title="Edit section: Hedge funds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge funds</a> are typically open-ended and actively managed. However, investors can typically redeem shares only monthly or less frequently (e.g., quarterly or semi-annually).<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> </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=Open-end_fund&action=edit&section=6" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>U.S. <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>: </p> <ul><li><a href="/wiki/T._Rowe_Price" title="T. Rowe Price">T. Rowe Price</a></li> <li><a href="/wiki/Fidelity_Investments" title="Fidelity Investments">Fidelity Investments</a>' Magellan</li> <li><a href="/wiki/The_Vanguard_Group" title="The Vanguard Group">The Vanguard Group</a>'s S&P 500</li> <li><a href="/wiki/PIMCO" title="PIMCO">PIMCO</a> Total Return</li> <li>WorldCommodity Fund</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=Open-end_fund&action=edit&section=7" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">Collective investment schemes</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual funds</a></li> <li><a href="/wiki/Unit_trust" title="Unit trust">Unit trusts</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/SICAV" title="SICAV">SICAVs</a></li> <li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/List_of_hedge_funds" title="List of hedge funds">List of hedge funds</a></li> <li><a href="/wiki/List_of_private-equity_firms" class="mw-redirect" title="List of private-equity firms">List of private-equity firms</a></li> <li><a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">Boutique investment bank</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Boutique_investment_bank" title="Boutique investment bank">Boutique investment bank</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth fund</a></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=Open-end_fund&action=edit&section=8" 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"><ol class="references"> <li id="cite_note-RIN_3235-AJ01-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-RIN_3235-AJ01_1-0">^</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://web.archive.org/web/20201017114402/https://www.sec.gov/rules/proposed/ic-26288.htm">"Proposed Rule: Amendments to Rules Governing Pricing of Mutual Fund Shares; Rel. No. IC26288"</a>. <i>Securities and Exchange Commission</i>. Archived from <a rel="nofollow" class="external text" href="https://www.sec.gov/rules/proposed/ic-26288.htm">the original</a> on Oct 17, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">2 December</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Securities+and+Exchange+Commission&rft.atitle=Proposed+Rule%3A+Amendments+to+Rules+Governing+Pricing+of+Mutual+Fund+Shares%3B+Rel.+No.+IC26288&rft_id=https%3A%2F%2Fwww.sec.gov%2Frules%2Fproposed%2Fic-26288.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen-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">Lemke, Lins, Hoenig and Rube, <i>Hedge Funds and Other Private Funds: Regulation and Compliance</i> (Thomson West, 2014-2015 ed.).</span> </li> </ol></div></div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output 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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 href="/wiki/Closed-end_fund" title="Closed-end fund">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 class="mw-selflink selflink">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="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" 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