2025年封闭式基金市场（pdf）

The Closed-End Fund Market, 2025 Key Findings »Total closed-end fund (CEF) assets were $791 billion at year-end 2025.Traditional CEFs had total assetsof $257 billion, interval funds had total assets of $131 billion, tender offer funds had total assets of »The number of traditional CEFs continued to fall, from 393 funds at year-end 2024 to 364 funds by year-end2025.The number of traditional CEFs has fallen for 14 consecutive years and is down 43% from year-end 2011. »Average traditional CEF discounts fluctuated throughout 2025 and ended the year close to where theybegan.Traditional CEF discounts have persisted over time, and the majority of traditional CEFs generally »Total assets in interval funds, tender offer funds, and BDCs continued to climb in 2025.Total assets inthese vehicles nearly quadrupled from $140 billion at year-end 2020 to $534 billion at year-end 2025. »Interval funds, tender offer funds, and BDCs continue to provide investors with access to alternativeinvestments.64% of interval fund assets—as well as BDCs generally—are invested in private creditstrategies such as direct lending, while 69% of tender offer fund assets are invested in funds that invest in »Unlisted CEFs continued their rapid expansion, with 58 new interval funds, tender offer funds, and BDCslaunching in 2025.Many of these CEFs are managed by new sponsors, bringing diversity and competition »CEF investors differ from mutual fund investors in that CEF investors tend to express more willingnessto take financial risk.An estimated 4.4 million US households held CEFs in 2025. Table of Contents 1What Is a Closed-End Fund?2Traditional CEFs14Interval Funds, Tender Offer Funds, and BDCs19Competition in the CEF Industry21Characteristics of Households Owning CEFs James Duvall, assistant director of industry and financial analysis, prepared this report. Alessandro Sitta, researchassistant, provided research support. For a complete set of data files for each figure in this report—including a statistical appendix with additional data—seewww.ici.org/files/2026/per32-03-data.xlsx.The following, unless otherwise specified, apply to all data in this report: dollars and percentages may not add to the totalspresented because of rounding. What Is a Closed-End Fund? Closed-end funds (CEFs) are one of four main types of investment companies, along with mutual funds,exchange-traded funds (ETFs), and unit investment trusts (UITs). Historically, the vast majority of CEFs havebeen “listed” CEFs—investment companies that issue a fixed number of common shares in an initial publicoffering (IPO) that are publicly traded on an exchange or in the over-the-counter market, like traditional stocks. There are also “unlisted” CEFs, which have recently seen steady asset growth. Unlisted CEFs are not listedon an exchange but are sold publicly to retail investors, mainly through intermediaries, or to certain qualifiedinvestors through private placement offerings.2Unlike listed CEFs, unlisted CEFs do not issue a fixed number ofshares but are permitted to continuously offer their shares at net asset value (NAV) following their IPO. As they A CEF’s assets are professionally managed in accordance with the fund’s investment objectives and policiesand may be invested in stocks, bonds, and other assets. Because CEFs do not face daily redemptions, there islittle need to maintain cash reserves, and they can typically be fully invested according to their strategies. Also, CEFs also are permitted to issue one class of preferred shares in addition to common shares. Holders of preferredshares are paid dividends but do not participate in the gains and losses on the fund’s investments.4Issuing Traditional CEFs Traditional CEFsissue a fixed number of shares during an IPO that are then listed on an exchange or traded inthe over-the-counter market where investors buy and sell them in the open market (i.e., all traditional CEFs arelisted CEFs). The market price of a traditional CEF fluctuates like that of other publicly traded securities and is Secondary Market Trading of Traditional CEFs More than 95% of traditional CEFs calculate the value of their portfolios every business day, while the restcalculate their portfolio values weekly or on some other basis. The NAV of a CEF is calculated by subtractingthe fund’s liabilities (e.g., fund borrowing) from the current market value of its assets and dividing by the total Because a traditional CEF’s shares trade based on investor demand, the fund may trade at a price higher orlower than its NAV. A CEF trading at a share price higher than its NAV is said to be trading at a “premium” tothe NAV, while a CEF trading at a share price lower than its NAV is said to be trading at a “discount.” Fundsmay trade at premiums or discounts to the NAV for a number of potential reasons, such as market perceptionsor investor sentiment.5For example, a CEF that invests in securities that are anticipated to generate Equity CEF discounts nar