completion portfolio 和 exchange fund strategy 是什么意思？

同学你好，completion portfolio这个概念在原版书上已经删除了。

exchange fund是一种解决concentrated position的基金，可以让每个投资者把自己的stock放进fund中，交叉持有，达到分散化的目的。

以下为原版书的解释

An exchange fund is an investment fund structured as a partnership in which the partners have
each contributed their low-basis concentrated stock positions to the fund. Each partner
(contributor to the fund) then owns a pro rata interest in the partnership potentially holding a
diversified pool of securities. Participating in the exchange fund is not considered a taxable
event; the partners’ cost basis in the partnership units is identical to the cost basis of the
contributed concentrated stock positions. For tax purposes, each partner must remain in the
fund for a minimum of seven years, after which he or she has the option to redeem his or her
interest in the partnership and receive a basket of securities at the discretion of the fund
manager equal in value to the pro rata ownership of the partnership or continue his or her
investment in the fund