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Rating:Beware an End of the Year, Fund-ETF-Fund Shuffle Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 12, 2008

Beware an End of the Year, Fund-ETF-Fund Shuffle

by: Neil Anderson, Managing Editor

Will the end of the year bring numerous investor moves out of index mutual funds and into their sister ETFs, then back again 31 days later? That's the idea of a Bloomberg report by Jeff Plungis and Sree Vidya Bhaktavatsalam, which warns that, thanks to liquidation by fund managers of some profitable assets to pay redemptions, shareholders may face capital gains hits, even in funds that are deep under water.

Eaton Vance's Duncan Richardson (chief investment officer of equities), Morningstar's Scott Burns (director of ETF analysis), Lebrigh Life Planners' Steven Bove (president), fee-only planners Cathy Pareto and Ted Toal, and fee only advisor David Blain all get some positive ink throwing in their two cents on the issue, while Eaton Vance and TrimTabs provide some of the data the article builds on. The Ivy Global Natural Resources Fund, on the other hand, gets singled out as a case study of a fund that has plummeted in value (sixty percent year-to-date) and whose shareholders still face capital gains distributions (and thus taxes) at the end of the year (thanks to anticipated distributions per share of $1.14 in short-term capital gain and $2.52 long-term). 

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