Język Polski
English
Bonds in Closed-End Investment Fund Portfolios in the Absence of an Active Market
Abstract
Abstract
Closed-end investment funds are specific investment vehicles established under the Act of 27 May 2004 on Investment Funds and Management of Alternative Investment Funds. These funds issue investment certificates, which, in accordance with the provisions of the Act, may be offered through both public offerings and admitted or introduced to an alternative trading system. Financial instruments issued by investment funds may be acquired by both institutional and individual participants of the capital market. The investment objective of the fund is to increase its value through the appreciation of its deposits. To ensure the achievement of this objective, the Investment Fund Management Company undertakes a number of strategic collaborations aimed, among other things, at ensuring appropriate valuation of manager_assets.
The aim of this article is to discuss the current situation on the investment fund market in Poland and to present the fundamental principles related to the valuation of corporate bonds that constitute part of the deposits of closed-end investment funds. The theoretical part of the article was further supported by a case study. For the purposes of the article, a valuation was conducted for a bond not listed on an active market, which constituted an asset of a closed-end investment fund. The data concerning the bond issuer were anonymized.
Keywords:
closed-end investment funds, bonds, valuation, portfolio management, assetsMost read articles by the same author(s)
- Adrian Przymuszała, Listing Act — A (R)evolution in the Capital Market , Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu: Vol. 105 No. 2 (2024): Management and economics under discontinuity. Sustainable development - digitalisation
- Adrian Przymuszała, Business Valuation in Corporate Ownership Disputes , Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu: Vol. 109 No. 2 (2025): Współczesne wyzwania i perspektywy rozwoju gospodarki - innowacje i strategie adaptacyjne
- Adrian Przymuszała, Accounting Policies of Closed-End Funds as a Tool for Implementing Investment Strategies , Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu: Vol. 110 No. 1 (2026): Accounting, artificial intelligence and information security in value management of enterprises and capital markets
- Adrian Przymuszała, The Sale of an Enterprise and the Transfer of Industrial Property Rights , Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu: Vol. 110 No. 1 (2026): Accounting, artificial intelligence and information security in value management of enterprises and capital markets
- Adrian Przymuszała, Forward Contracts as a Risk Management Tool in Closed- End Investment Funds — A Short-Term Perspective , Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu: Vol. 110 No. 1 (2026): Accounting, artificial intelligence and information security in value management of enterprises and capital markets
Details
References
Statistics
Authors
Citation rules