A closed end fund is an investment company that raises a fixed amount of capital through an IPO by selling a fixed amount of shares and is subsequently traded like a stock on a stock exchange. The price per share is determined by the market and is often different than the net asset value. A discount to the net asset value may reflect the charges to be deducted from the fund in future by managers, while a premium to the net asset value may be due to confidence that manager's will be able to produce above-market average returns.
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