Sale of Fund H & L

MarcoM · 6 February 2018 at 10:10AM

Hello,

Over the weekend I instructed H & L to sell some of my vanguard fund. The transaction is still showing as pending.

Does anyone know how long it will be before this is processed?
I am obviously worried about the present correction getting worse if H & L drag their feet acting on my instruction.

Thanks

Vortigern · 6 February 2018 at 10:23AM

Your weekend order should have executed at 9pm Monday. You'll get a contract note sometime today.

dunstonh · 6 February 2018 at 10:41AM

Vanguard funds used to be 3 days settlement but are now 2. However, you are not days from the order point yet.

MarcoM · 6 February 2018 at 10:48AM

Hi there,

Just checked my account and it says:

Submitted for dealing - Your deal has been submitted to the fund manager and can no longer be cancelled.

The fund is Vanguard LS 60 40.

So I am I correct in assuming that the date of sale may not even be yesterday or today?

I am aware that with funds such as these the owner will never be really in control of the exact buy or sells day but I just wanted to prepare myself in case they sell late and the markets go down further

Drp8713 · 6 February 2018 at 10:54AM

They are not selling late.

If it has a T+2 settlement date as outlined above, and you placed your request on a weekend when the markets are closed, then your transaction date will be yesterday when the markets opened, and your settlement date would be tomorrow which is the point you no longer own the fund.

AnotherJoe · 6 February 2018 at 11:21AM

Are you panicking or was this just unfortunate timing ?

MarcoM · 6 February 2018 at 11:22AM

I need the money to buy a house we have seen.
totally wrong timing I know but we like the house.

should have sold a month ago when we started looking for property but greed got the better of me....so kept the fund.

Sale of Fund H & L

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