Closed-end management company

Definition:

An investment company that has only a set number of shares of the mutual fund that it manages, and does not create new shares if demand increases. Antithesis of an open-end management company.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Nonrecourse

In the case of default, the lender has no ability to claim assets over and above what the limited partners contributed.

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