illiquid fund的意思|示意

If a fund is overestimating the value of the illiquid assets, then its manager's profit is grossly overestimated.

如果基金高估了非流动性资产的价值，基金经理的收益也严重高估了。

Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period.

鉴于该基金更希望抬高其预估的非流动性资产，所以就会看到，早些时候撤回的投资人，在那段时间得到了较好的回报。

Say the fund holds large positions in illiquid assets. The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.

要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。