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I always assume that the final distributions will be higher than the estimates. The management firm usually don't know the fund's earnings for the entire fiscal year when it makes the estimates, and it don't know until the record date how many shares those earnings are divided among.
For capital gains, mutual funds are required to use a fiscal year ending Oct 31st, so I wish fund companies would issue estimates in mid-to-late November. That way, they wouldn't be guessing on the total cap gains to distribute (they'd just be guessing on the number of shares). Still the exact amount of dividend income isn't known until the fund's "real" fiscal year ends.
Comments
https://personal.vanguard.com/us/insights/article/estimated-yearend-distributions-122015
For capital gains, mutual funds are required to use a fiscal year ending Oct 31st, so I wish fund companies would issue estimates in mid-to-late November. That way, they wouldn't be guessing on the total cap gains to distribute (they'd just be guessing on the number of shares). Still the exact amount of dividend income isn't known until the fund's "real" fiscal year ends.
Fiduciary Management, Inc. » FMI Mutual Funds » FMI Large Cap Fund (FMIHX) » FMIHX Distribution Summary
FMIHX Distribution Summary
Ex-Dividend Date
Reinvestment Price
Income
Short-Term Capital Gain
Long-Term Capital Gain
12/18/15 18.23 0.20835660 0.16523 1.67694
Permanent Portfolio:
http://www.permanentportfoliofunds.com/pd_div.htm