Fund, mixed fund

The special fund set up and managed by a capital management company, in which – both shares – and bonds – and possibly other securities are included. As a rule, the fund’s bylaws specify maximum limits for individual types of securities. However, fund management is usually free, depending on the market conditions, to redeploy the fund within these limits. – See Balanced funds. – See Deutsche Bundesbank Monthly Report of January 2013, p. 17 (mixed funds characterized by low volatility of their inflows). – The Bundesbank’s monthly statistical supplement “Capital Market Statistics” also contains figures on the number, outstanding shares and assets of domestic mixed funds, broken down by various aspects; see the explanatory footnote.
Fund, closed-end fund: Special fund of a capital management company that issues a precisely defined number of unit certificates on a permanent basis. In this case, the fund management is not obliged to redeem issued certificates at the request of the unit holder. The holder of a unit certificate can only sell it on the open market, where the price is determined by supply and demand and a substantial loss may have to be recorded. – In contrast, the fund management of an open-end fund can issue and redeem unit certificates at any time. – See investment assets, Capital Investment Code, real estate investment trust, redemption block. – Cf. Annual Report 2012 of BaFin, p. 170 (the KAGB makes closed-end funds subject to ongoing supervision), Annual Report 2013 of BaFin, p. 178 (prospectus law).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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