most people buy things new preferring to pay up to get pristine stuff that’s been used by nobody else and then there are those always looking for a better deal count us among the latter in that spirit we looked at some closedend funds or cefs that had their initial public offering this year from big brandname asset managers all of their shares have since traded lower to discounts ranging from 5 to 10 below their net asset values or navs at the same time their navs have either declined marginally or increased