Close Ended Mutual Fund

Close ended mutual funds are just opposite of open ended mutual funds. These mutual funds are issued to few and limited investors for specific period. After closing of that time, close ended mutual funds are not closed to issue. These mutual funds can not be redeemed through selling the MF in market like open ended mutual fund. Only benefits or return can be shared with closed ended mutual funds holders. Main aim of closed ended mutual funds is to make the pool of money through best investors.  

One of benefits of these mutual funds is that you can purchase these mutual funds on market value instead on net asset value. If market rate are going to down, you can get these mutual funds on discount, otherwise, you have to buy it on premium or at par.

Livemint.com compared both close and open ended mutual funds in India

Most fund managers of closed-end funds typically get money for a three-year period. They, however, take it for granted that this money is going to stick around for three years and markets would also keep rising. Hence, these funds are seldom actively managed against open-ended funds that are actively managed funds.link

It also has made chart of both mutual funds performance in last three years. Following screecast is one part of chart. You can see full chart here.