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Unlike mutual funds, the closed-end funds in Harvard’s crosshairs offer a set number of shares that trade freely on the stock market...
Korea Equity Fund, for example, is listed on the New York Stock Exchange...
...fund liquidates its assets, investors obtain the actual value of a fund’s investments—minus the cost of liquidation—rather than the price quoted on the stock market...
...example, if Harvard sold all of its Korea Equity Fund shares on the New York Stock Exchange on July 31, it would have netted $18.6 million. But the net value of the fund’s assets per share was slightly higher, so liquidating the fund on that date would conceivably have generated $19.7 million before costs, based on unaudited numbers from the website of Nomura Asset Management, which manages the fund...
When Harvard submitted its proposal to liquidate Korea Equity Fund, it was the fund’s largest institutional shareholder, having amassed nearly 30 percent of the stock...