Abstract
Purpose - This paper was presented the problem of the difference between valuation certificates selected closed-end funds and the valuation of assets included in the fund. Methodology - The study uses the Markowitz model to determine the standard deviation of the portfolio of the fund and compared with a standard deviation for investment certificate and used the test was of significance for the two averages. The result - confirmed the existence of the end- closed funds puzzle for three surveyed equity funds. Significance test for two averages confirm the existence of a end- closed funds puzzle, especially for fund KBC Sector Allocation FIZ. Originality / value - Paying attention to the portfolios selected FIZ, comparing it to the valuation of investment certificates. So far on the Polish market, the lack of studies confirming end- closed funds puzzle based on the valuation of shares included in the portfolio of FIZ.
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