Closed-end investment company refers to an investment company which manages a mutual fund with only a set number of outstanding shares. The shares of the company are usually listed on an exchange and traded like regular stock.
Closed-end investment companies issue a fixed number of shares to the public in an initial public offering, after which time shares in the fund are bought and sold on a stock exchange, and they are not obligated to issue new shares or redeem outstanding shares as open-end funds are. The price of a share in a closed-end investment company is determined entirely by market demand, so shares can either trade below their net asset value (at a discount) or above it (at a premium).
Closed-end investment company is also called closed-end fund or publicly-traded fund.