closed-end investment company
Noun
Any management company other than an open-end company that issues a fixed number of non-redeemable shares through a registered broker-dealer in a single underwritten public offering that then trade freely in the secondary market a premium or discount to the fund’s net asset value (NAV), depending of the supply and demand for the fund.
Synonym(s):
- closed-end company; closed-end fund (CEF); closed-end investment fund; closed-ended fund (CEF).