Compare the portfolio managers of closed-end funds with an open-end fund. Explain why the portfolio manager's management of liquidity is different in the open-end fund as compared with the closed-end fund (think which needs to have cash or very liquid assets and for what).

Assume that the size of each fund is the same and that the goal is to invest in stocks and to earn a very high return. Which manager do you think will achieve higher returns? Explain.