via Wall Street Journal

Top 10 lists are fun, easily digested and make people feel they are in the know. But a mutual fund’s list of top 10 holdings isn’t as satisfying. That is because the listed holdings aren’t necessarily still the fund’s favorites.

A mutual fund is permitted to delay reporting portfolio holdings for as long as 60 days following the end of its fiscal quarter. In practice, many funds publish a complete list of their holdings on their websites 30 days after the quarter ends. Top 10 holdings and their percentage weightings in the portfolio frequently are made available online monthly with a 10- or 15-day lag.

It all means that when you look at where a fund manager is investing your money, what you see is not always what you’ve got..

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