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Pastimes : Ask Mohan about the Market
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To: Joseph G. who wrote (6345)10/27/1997 3:52:00 PM
From: IceShark  Read Replies (1) of 18056
 
Joe, It depends on the fund agreement. You know in that 2 point print you need an electron microscope to read? -vbg- For open end funds, as a practical "normal" operational matter most compute NAV at the close of the day you tell them to get out and that's what they cash you out at. But I think most agreements have a clause whereby you actually agree to give them X days notice so there might be some suprised investors. Its just that for competitive (and practical reasons given the steady march up in the markets and cash inflows) the funds never really had to hold people's feet to the fire.

But its been a long time since I have seen actual current agreements. Boy if funds delay payment and little guys find thay are taking bigger beatings than they thought I don't even want to think what could happen.

Regards, Dan
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