Investments in the bargain bin

Closed-end funds and regular mutual funds both invest in a portfolio of stocks, bonds and other assets. The key difference: Closed-end funds are bought and sold like individual stocks on public exchanges. Historically, shares of the average closed-end fund have traded at a price around 5% below the actual value of the portfolio's underlying assets. Thanks to the vicious bear, though, closed-end large-cap stock funds are trading at discounts four times as large.
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