Unit Trusts Open-ended vehicle with no fixed number of units available Continuously issue and redeem units (shares) dependent on demand Pricing determined by their net asset value (NAV) Can distribute income but unable to hold cash in reserves
Investment Trusts Closed-end investment vehicles with fixed number of shares in issuance Can borrow money to invest i.e. gearing Share price determined by supply and demand Trade at a premium or discount to the value of portfolio investments Ability to invest in assets that are more difficult to trade
Pooled investment vehicles Diversified portfolios Managed by investors
Features in common
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Features in common pooled investment vehicles diversified portfolios managed by investors
