Why would they disclose?....among other things:
-we might be reluctant to buy unless they do (personally, I don't buy until I've seen the last available list)
-there is probably an annual requirement (conjecture, based on the fact that I haven't run across any funds that don't at least do so annually)
What about frequency?.........
-We (fundholders) fund the research through fees charged to net assets, (research "ownership" is some cloudier). Disemination of same to each fundholder would be practically equivalent to public disclosure. Why should I fund research for the public?
-The vast majority of funds claim to be investment funds, not trading funds. Investment disciplines are largely claimed with regard to valuation disciplines, value, earnings based, growth based, dividend based, sector based, further then applied to capitalization ranges. It is NOT necessary to examine anything but the latest list of holdings for a given fund to see whether they practice the disciplines they claim. Unless the fund is in fact a trading fund, a 6 month old list is as effective for that purpose as a 2 month old list.
-Frequent disclosure would complicate both accumulating and disposing of positions in particular securities, particularly smaller cap securities. Effectively, this enables to herd to follow whatever leader it selects so closely that he (or she) will be trampled to the ground on the second step.
I appreciate the 6 month lists from PBHG, I maintain a spreadsheet across several of their funds from these lists, and I've selected several stocks into my own short term trading pool; the last thing I would ever want PBHG to do is to be making these kinds of technical trades. The only changes to these lists I would like to see would be the inclusion of a column for cost as well as value and a column for the security symbol as well as the name.
Best Regards.....Tom |
