Washington, DC; May 14, 2025—Today, Investment Company Institute (ICI) President and CEO Eric Pan released the following statement on the reintroduction in the US House of Representatives of legislation to protect closed-end funds (CEFs) and their investors. The Increasing Investor...
Overview One of the most enduring questions in finance is the puzzle of why closed-end funds (CEFs) trade at a discount to their net asset values (NAV). Despite nearly 60 years of academic research, [1] the issue remains unsettled. [2] The issue is at the center of a current policy...
Key Insights: The fund proxy voting system is costly and hampers fund governance and the investor experience. Smaller fund complexes are often disproportionately impacted by the burdens of proxy campaigns. The Securities and Exchange Commission (SEC) can greatly improve the fund proxy...
Closed-end funds' shareholder gatherings invite abuse; the NYSE is finally doing something about it. by Paul Cellupica ( As published in Ignites, September 12, 2024) Powerful activist investors have been abusing the New York Stock Exchange's annual shareholder meeting requirement for...
Washington, DC; May 14, 2024—ICI’s latest research shows that the number of traditional closed-end funds (CEFs) has continuously fallen for more than a decade as pressure from activist investors has surged. The report, The Closed-End Fund Market, 2023, takes a close look at the latest...
Washington, DC; March 7, 2024—Today, Investment Company Institute (ICI) President and CEO Eric Pan released the following statement after the House passage of a bipartisan amendment being considered as part of H.R. 2799, the Expanding Access to Capital Act of 2023, sponsored by House...
Closed-end funds (CEFs) trying to fend off hostile hedge funds and other activist investors are facing another headwind from an unexpected corner: proxy advisory firms. Proxy advisors, which make recommendations to institutional investors on management actions and shareholder...
Middle-Class Investment Tool Over the past 80 years, closed-end funds (CEFs) have helped millions of Americans achieve their long-term financial goals. Representing $252 billion in assets as of year-end 2022, CEFs are professionally managed, subject to a robust regulatory framework...
VIEW AS PDF Long a valuable financial product, closed-end funds are facing novel challenges. New legislation can help funds overcome them—and empower retail investors to unlock the funds’ full potential. Closed-end funds are at a crossroads. For more than 80 years, these valuable...
Bill would give retail investors access to private investments and close a loophole that activist investors exploit at the expense of long-term shareholders Washington, DC; June 30, 2021—Investment Company Institute (ICI) President and CEO Eric J. Pan issued the following statement in...
