Closed-end overview

Last year was eventful for closed-end funds as the requirements of different types of investor were highlighted by the level of new issuance in the high-yield fund sector and the attacks of corporate raiders in the more conventionally structured funds. The investment trust and closed-end fund universe can be split into three sub-categories, high-yield funds including split capital trusts, emerging markets funds, which include vehicles providing exposure to developing markets and specialist industry or theme sectors, and developed market funds, which can be classified as generalists for con...