En finance, la position est la manifestation d'un investissement sur un marché, par un investisseur ou un trader et vis-à-vis d'une quantité d'un titre financier qui est soit détenue (ce qui constitue une position longue), soit empruntée (ce qui constitue une position courte).

Une position est dite "ouverte" ou "en cours" lorsqu'une proposition de vente ou d'achat est faite sur le marché, tant qu'une transaction opposée ne vient pas la compenser. Lorsque la transaction opposée vient la compenser, on parle alors de liquidation de la position, ou débouclage.

Une position est qualifiée de "fermée" si l'investisseur possède l'action et ne la propose pas à la vente.


The secondary market is where investors buy and sell securities they already own. It is what most people typically think of as the "stock market," though stocks are also sold on the primary market when they are first issued. The national exchanges, such as the New York Stock Exchange (NYSE) and the NASDAQ, are secondary markets.

Posting this separately, because I don't think it's helpful to translate it word-for-word as "secondary holding fund", I don't think Adrian has explained it properly and I don't agree with his other suggestion.

My assumption is that the context is private equity, and that a primary fund is selling its investments to a secondary fund in advance of being wound up.

A primary private equity fund is, generally speaking, one that purchases stakes in companies directly from the entrepreneurs. A secondary private equity fund is one that purchases the same stakes from other private equity funds when they want to exit.

If the context is clear, it's enough to say "secondary fund". It's a common term.

Here's a link. You could also follow the link that Adrian provided. https://en.wikipedia.org/wiki/Private-equity_secondary_marke...