Incidentally, experts are of the view that a close-ended scheme gives more leeway to the fund manager who need not worry about the daily cash flows. Dhirendra Kumar, managing director, Value Research, says: There are pros and cons attached to every type of scheme and the same goes for close-ended ones. While the fund manager may not have to maintain cash flows on a daily basis, investors have to settle for lower liquidity. In a similar context, Pankaj Razdan, MD, Prudential ICICI Asset Management Company Ltd, says: In an open-ended scheme, the investor has the tendency for trading. He may opt out of the scheme in the short run. Analysis has proved that if an investor stays invested for a longer horizon, then he can surely make money.