In general, an investment vehicle that enables individual investors to invest money into one or more underlying investments that are operated by professional managers.
Master funds can generally be categorized into three types: discretionary funds, fund of funds, or feeder funds. With this last type, shares would be sold to the public only by the feeder fund, but invested through the corresponding master fund.
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A mutual fund is simply a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual fund will have a fund manager who is responsible for investing the pooled money into specific securities (usually stocks or bonds).
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