Letter : C

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This is a type of investment company which offers a fixed number of shares through an initial public offering, and does not have any obligation to issue new shares or redeem outstanding ones. "Closed-end funds" are listed and traded on a stock exchange in a similar way to stocks, meaning the price of the fund’s shares is entirely determined by the market rather than the net asset value.
Mark Wightman
Head of Strategy, Asset Management, Asia Pacific
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