封闭式基金(Closed-end Funds),是相对于开放式基金而言的,指基金发行总额和发行期在设立时已确定,在发行完毕后的规定期限内发行总额固定不变的证券投资基金。封闭式基金的投资者在基金存续期间内不能向发行机构赎回基金份额,基金份额的变现必须通过证券交易场所上市交易。基金单位的流通采取在证券交易所上市的办法,投资者日后买卖基金单位,都必须通过证券经纪商在二级市场上进行竞价交易。 为了更好的理解该词,以下是其英文释义:A closed-end fund (CEF) or closed-ended fund is a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund. Unlike open-end funds, new shares in a closed-end fund are not created by managers to meet demand from investors. Instead, the shares can be purchased and sold only in the market, which is the original design of the mutual fund, which predates open-end mutual funds but offers the same actively-managed pooled investments.
双语例句:
(1)Vanguard, Fidelity and Putnam all have open-end convertible mutual funds, and there are many closed-end funds, including some trading at discounts to their net asset values.
先锋,富达和Putnam Investments都有可转换开放式共同基金的,同时也有许多封闭式基金,包括一些基金在其净资产值以下。
(2)According to Efficient Markets Hypothesis, investors of closed-end funds can't earn excess risk-adjusted returns which accord with CAPM.
在有效市场的前提下,封闭式基金的收益应满足资本资产定价模型(CAPM)的假设,无法获得超额收益。
(3)However, as a useful investment tool, closed-end funds have their unique characteristics and advantages, maintaining the necessity of existence and potential for development.
然而封闭式基金作为一种投资品种,又有其自身的特点和优势,具有继续存在的必要性和发展的空间。