It has been said that many closed-end funds are worth more dead than alive What is meant by this expression?

The expression "many closed-end funds are worth more dead than alive" suggests that the market value of these funds may be less than their underlying net asset value (NAV). When a closed-end fund is not actively managed or is performing poorly, its share price can decline significantly, often trading at a discount to its NAV. In such cases, liquidating the fund's assets could yield greater value to shareholders than holding onto the fund, hence the phrase implies that closing the fund and distributing its assets may be more beneficial for investors than continuing its operations.