Valuation

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Markets

The Closed-End Fund Trades Below What It Owns, Permanently

Closed-end funds routinely trade below net asset value and mostly stay there. The persistence is the interesting part, because arbitrage cannot close a gap with no mechanism to force it.

By Daniel Okafor · 5 hours ago

Markets

The Secondary Market Becomes the Exit

Private funds promised distributions on a timetable that stopped being met. The secondary market has grown from a distressed corner into the mechanism by which investors get money back at all.

By Daniel Okafor · August 22, 2026