Category breakdown of closed and open funds.

I compare the category breakdown of funds that are closed to new investors to that of funds that are open to new investors. Each figure represents the percentage of funds which are closed (open) that belong to a given category. The categories are obtained from the “Morningstar Category” variable from the Morningstar Direct database. Panel A contains the breakdown by size categories which indicate the size of the market capitalization (market cap) of the stocks that a fund typically invests in. Panel B shows the breakdown by style categories that are indicative of the type of stocks that a fund invests in. Panel C reports the breakdown by the categories which are intersections of the size and style categories. The t-stats of the average differences are reported in parentheses.