Word: open-ended
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...Form 13F requires institutional investment managers that oversee more than $100 million in exchange-traded stocks and closed-end companies to report those holdings. Companies are “closed-end” if they sell a fixed number of shares that are traded on exchanges, whereas open-end companies, such as mutual funds, collect public money and invest the funds in stocks, bonds, and other securities.Harvard also invests extensively in foreign stocks, private equity, fixed-income bonds, and real assets not listed on the filings. External investment firms currently manage 70 percent of the endowment. According...
Form 13F requires institutional investment managers to list all holdings in exchange-traded stocks and closed-end companies if they manage over $100 million in such assets. Whereas closed-end companies sell a fixed number of shares which are then traded on exchanges, open-end companies—such as mutual funds—pool publicly-raised money and invest the funds in stocks, bonds, and other securities...
...structuring of the funds lies at the heart of the dispute. China World and Dragon are both closed-end funds, which trade on an exchange typically at a “discount” to the shares’ actual value. Open-end funds are purchased from and sold to the fund itself, which guarantees that shares are instantly redeemable for their net asset value...
...China and Dragon funds are closed-end mutual funds, meaning that there are only a limited number of shares on the market, in contrast to open-end funds, which trade an unlimited number of shares. Open-end funds are instantly redeemable for a share of the assets, whereas closed-end funds do not guarantee such liquidity...
...result, open-end funds trade at full value, while closed-end funds can also trade above or below the asset value...