Closed-end country funds
Write some of the advantages and disadvantages of closed-end country funds (CECFs) with respect to the American Depository Receipts (ADRs) as means of the international diversification.
Expert
CECFs is used to diversify into the exotic markets which are otherwise very difficult in order to access like Turkey and India. Being a portfolio, CECFs also give instant diversification. ADRs do not offer instant diversification; investors must form portfolios themselves. Additionally, there exist relatively few ADRs from the emerging markets. Main disadvantage of the CECFs is that their share prices behave just like the host country’s share prices, decreasing the potential benefits of the diversification.
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