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closet index fund

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closet index fund
An investment company that claims to actively manage its portfolio but in reality emulates a market index such as the S&P 500. Closet index funds generally charge sales fees and annual expenses that are typical for an actively managed fund.
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A closet index fund is one that looks like an actively managed fund (a wolf), but because the stocks it owns closely resemble the holdings of an index fund (a sheep), investors pay large fees for only minimal differences.
The quest to outperform by Swedroe, Larry / Journal of Accountancy
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