SAN FRANCISCO Financial advisers want more frequent, detailed releases of portfolio holding for the mutual funds they recommend, according to a Harris Interactive survey released Tuesday.
The Securities and Exchange Commission makes fund companies reveal their holdings twice a year, by mail, with no more than a two-month lag. The rules are under review, but the fund industry has opposed changes.
In the Harris survey, 67% of 538 fee-only or fee-based financial advisers polled said having complete lists of portfolio holdings available more often would help them manage their clients fund holdings.
Of those who said so, nearly half picked monthly release as best balancing their needs with fund companies desire for privacy. One third said quarterly releases would suffice.
Seventy-five percent of the survey respondents want data released more promptly than the current two-month standard. Forty-five percent want a 30-day lag time; 24% want 15 days.
Sixty-two percent said they would like to be able to receive the portfolio information electronically, and 36% want the data in both electronic and printed form.