In this paper CAPM and other performance measures will be used to find out if it is possible to beat an actively managed fund, in this case Investor B (INVE B), from 2007.01-2018.12. According to Berk and Staton (2007) all investors can mimic the investment strategy of a closed-end fund with less cost and by doing so make a higher return. Prior research concludes that closed-end funds that are bought below their net asset value are traded in equilibrium state Thompson (1978). The results showed that Investor B is bought on a 13.4% discount which is the equilibriums state. The beta for Investor B is higher compared with the mimicking portfolio when OMX all is used as market index. If S&P 1200 global is used as market index the result differs and Investor B has a lower beta compared with the mimicking portfolio. The total return for Investor B was 131% and the total return for the mimicking portfolio was 87%.