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To: Bill Holtzman who wrote (333)8/31/2000 10:51:57 AM
From: Bill Holtzman  Read Replies (1) of 393
 
The following is taken from a policy change by Kevin Landis' Firsthand Funds. It gives some info about the buying cycle for a mutual fund getting into a new holding:

June 30, 2000

Firsthand Funds has always been comparatively open with information on our various fund portfolios. We are one of the few mutual fund companies that publish complete portfolio holdings on a monthly basis.

As the business grows, however, it can now take several weeks to buy enough shares of a company’s stock to make up a meaningful position in a fund. During the time we are buying a stock, we ideally don’t want others to know what our portfolio managers are buying because it may motivate them to try to buy the stock as well, driving up the price we pay for our shareholders. We believe our shareholders pay us for our stock selection and for the care we take in protecting our investment ideas - not to share our ideas with the rest of the market.

Given this, we have decided to extend the delay period, from one month to two months before releasing monthly portfolio holdings reports. We plan to implement this new policy at the end of June. We will continue to publish the Top 10 Holdings for each fund on a one-month delay. The only new portfolio information we will publish at the end of June will be Top 10 Holdings lists as of May 31.
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