Closed structure

Fixed asset base offers unique investment possibilities for emerging market countries where thin trading volumes impair liquidity

No cash drag

Portfolio manager can remain fully invested at all times

No forced selling

Closed structure minimizes the need to sell securities at unattractive prices in order to meet redemption requests

Ability to leverage

Leverage (borrowing) use can enhance performance after all expenses with low rates, cost of borrowing currently at historic lows.*

*Leverage can potentially magnify investment losses.

No investor impact

No impact from investor activity (buying/selling/activism) on underlying assets in the fund’s portfolio

Expenses

Potentially lower fund expenses than other investment products

Active fund management

Fund manager actively researches and selects securities: doesn’t just choose a basket of index securities

Purchase Discounts

Opportunity to purchase closed-end funds at prices that represent discount to net asset value (NAV) through closed-end fund trading on exchanges

Liquidity

Closed-end funds trade on well-known stock exchanges (provides liquidity and transparency)

Suitability

Many advisors and investors view closed-end funds as a suitable choice for various strategies and accounts, including retirement savings, trusts, and investment accounts