Unit trust?

[linas@linas.org]

It's been rumoured that Jean-David Beyer said:
> > 'Unit trust' .... 'mutual fund'.
> > 
> The open-ended are more popular because they result in higher fees to
> the company than manages the company. 

actually, they're more popular because the seller is always garenteed
that it will find a buyer (viz the fund itself) who is paying what 
the nderlying assets (nav) are worth.  Closed-end funds sometimes 
trade (sigificantly) below NAV due to a lack of buyers.

> The contents of the
> portfolio can be much smaller in number than a mutual fund. (Mutual
> funds must contain at least 20 stocks,

Unit trusts are popular for real-estate investments, because you can't
sell a portion of a building. Its not sensible for a real estate
fund to shrink or expand the pool of shares, since the number of
buildings underlying them can't be changed.

--linas