Closed-end fund discount
The persistent gap between a closed-end fund's market price and its net asset value (NAV).
Definition
Closed-end funds (CEFs) frequently trade at a discount to their net asset value (NAV) — sometimes for structural reasons, sometimes from neglect. Discount-arbitrage activists like Saba Capital, Bulldog Investors, Karpus, and 1607 Capital target deeply-discounted CEFs and push for actions that close the gap: tender offers, conversions to ETFs, board changes.
Tracking 13D filings on CEF tickers — flagged by activist-filer name — is a known multi-month workflow.
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