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Strategies & Market Trends : PBHG Funds
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To: Archie Bunker who wrote (146)3/4/1997 2:04:00 PM
From: William Caldwell   of 268
 
Why would a fund company disclose their portfolio holdings on a timely basis? Besides the fact that they have a fiscal responsibility to do so, you might ask yourself, "Who is really paying for their research?"

As for the temptation to trade on this information, I believe that the actual effects of mutual fund companies opening up and reporting their holdings more frequently than every 6 months will be far different than you imagine. The sheer number of mutual funds and their holdings should provide an efficient enough environment to handle the potential excesses of speculators who will try to follow the latest hot stock.

Probably the best reason to have more frequent mutual fund disclosure is the ability it gives you to understand the investment discipline that is employed through analysing the individual stocks in the portfolio. Not only can you actually see why stocks are bought and sold, but a close monitoring can give you a better feeling for the future prospects of the fund. It is a far better method for investors to use in reviewing their mutual funds than looking back 6 months to understand why the fund has performed as it has.

You should also consider that looking at the holdings in the PBHG funds last 6 months report is a bit like looking at a galaxy that is half a light-year away, because the actual composition of what you are seeing has since changed. The fund, as you are seeing it, no longer exists.

Best regards,

William
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