While I am waiting for a response from my broker, I want to see if anyone else has had a similar problem with inaccurate fund prices.
I recently had the sales price of a manged futures fund "corrected " down by a penny four days after I sold it at a large national brokerage, reducing the proceeds I received.
I was quite concerned that the broker ( who I will not name until I hear their response) was using incorrect prices to conduct a transaction. Funds like this (MBXIX) along with a lot of Junk bond funds and even most international funds have to use "fair pricing" to determine the value of some of their positions to calculate the NAV when they cannot get an actual market price at 4 PM when the NY market closes.
I was well aware of this necessary practice... But I did not know that the intermediaries are using inaccurate prices and apparently feel they can then correct them at a later date.
Anybody have similar experiences?
