Closed End Fund

Close End fund is similar with mutual fund;

Closed End Fund is a stock invest into a Fixed Investment Fund.

For Example,

i Capital Biz (is the only Closed End Fund in Bursa Malaysia) is investing a fund of
RM 1,000,000 and they issue 1,000,000 shares
IPO for this fund is RM 1/share

Through out the years, the fund become bigger, let say it grow to RM 2,000,000
So, the NAV for this share is RM 2/share

Since this Fund is list in the stock market, the price may be different from the NAV. It can be higher or lower then the NAV.

Closed End Fund is a share that only based on investment. The NAV is calculate based on the investment portfolio devide by Total Shares.

Closed End Fund vs Mutual Fund
If we compare with Mutual Fund, Mutual Fund is consider as Open End Fund. The Fund portfolio is open (before reaching its high limit); where by this fund can be growing if more people put money into the fund; and it may become smaller when the people draw out money from this fund.

Mutual Fund only can trade between the unit holder and bank / fund manager.
Closed End Fund can trade in Bursa Malaysia to all traders.

Mutual Fund is trade in NAV;
Closed End Fund is trade based on buying and selling price in the Trade Market.