“In the closed-ended market, because they are a slightly more complicated market, I think they require a much better understanding as to what are the price drivers.
“Ultimately, it can be shown, and there is evidence and research to show that over a certain five-year period, closed ended funds may outperform their open ended compatriots but in times of stress in markets, you may find the net asset value of an open-ended fund, may be slightly better than a closed-ended, because a closed-ended fund in times of market stress may find it self at a discount.”
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