KIC000011 - Closed-end Fund Quotations A puzzle: Why do...

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Unformatted text preview: Closed-end Fund Quotations A puzzle: Why do most closed-end funds sell at a discount from NAY? lII!PIlt'! IIIllI JluWlU '1iAV D!Il~ n 1!~ llt ~ .llJ ! & It '.!{:i u< U:I> l~.'U l,U 15$ Ill!' 4Ul' U l l.ft HI tv !LIt it~ lUI ,,1ll;1l ltS\ U,ll ",tJt I I un 1-ltft-,IHi $I, l I l l 1~~ ~-lf11 n .nl 15J' lIi !!,!f ~1t .,);1.2' 1$ .....4t iU 11 u;~ 4W ,10,1< ltlll Mutual Fund Returns Diversified Equity Mutual Funds Versus the Wilshire 5000 .a1 .ro,'; 40,;".,,_---.-.--,---"".,-.-* ~;[E~~~ g ~ ~ ! E~~~~~~ Growth of Hedge Funds 12,OOO----'------------F: 1.oo lAW 1.... L100 1,000 800 ... Potential Conflicts of Interest: Revenue Sharing refers to mutual fund expenses that are paid by a third party (i.e. brokers) as a quid pro quo Revenue sharing is not illegal, but it must be disclosed to the investor ... 200 Hedge Funds Hedge Funds terized by six features:- Able to use positions- Able to create by investing with borrowed m~ney (i.e, ~~ mar~-! by ing derivatives- Minnnal E!f l ' lWJ<.W1lWJ<....
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KIC000011 - Closed-end Fund Quotations A puzzle: Why do...

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