iWeb Trading Sell Price

Sally57

I'm a bit confused, I was looking to sell some Fundsmith this afternoon on iWeb. It states that the last closing price of yesterday is 354.23 so will I get this price? I only ask because on the Fundsmith factsheet they have updated the price this afternoon at 347.58 so which price would I get if I sell? If anybody knows that would be most helpful. Thanks.

CH2IS

As I understand it, funds are "forward priced", so when you buy or sell you will not know the precise price until the deal is done.

Asghar

Sally57 wrote: »

I'm a bit confused, I was looking to sell some Fundsmith this afternoon on iWeb. It states that the last closing price of yesterday is 354.23 so will I get this price? I only ask because on the Fundsmith factsheet they have updated the price this afternoon at 347.58 so which price would I get if I sell? If anybody knows that would be most helpful. Thanks.

If you have not placed the deal to sell already then you will get neither price.

Units trusts are priced forward so to get todays price (Fundsmith's valuation is at 12.00 noon), you would have had to place the deal by 11.00am today, which I think is iWeb's cut off time.

If you place the deal now then you will get tomorrow's price. You are always buying or selling before you know the exact price.

bowlhead99

The latest price published is for the last valuation point that you could have got if you made an order to subscribe or redeem in enough time to be included in that share issue or redemption. By the time you can see the price, you've missed it .

When you put an order in, IWeb will forward it to the fund manager who will add it to the list of people who want to join or leave the fund at the next valuation point ; as long as they get it with enough lead time to include you in the next daily subscription /redemption exercise, you will get the price they calculate as part of that exercise. If your order is too short a time before the next dealing point and misses the published cut-off, you'll get the one after that.

You won't get the price already published because if we were allowed to get paid out for our interests in the fund or buy new shares in the fund based on what they used to be worth at the time of last publication, we could really screw over everyone else who was staying in the fund, by dealing on that old price instead of what the shares are actually worth by the time we actually join/leave.

ColdIron

Sally57 wrote: »

I'm a bit confused, I was looking to sell some Fundsmith this afternoon on iWeb. It states that the last closing price of yesterday is 354.23 so will I get this price? I only ask because on the Fundsmith factsheet they have updated the price this afternoon at 347.58 so which price would I get if I sell? If anybody knows that would be most helpful. Thanks.

Neither. Funds are forward priced so if you place your order with iWeb before their cut off time you will get the price at the next valuation point which for Fundsmith should be noon tomorrow

bowlhead99

'great minds' and all that...

purple_rose

Sally57 wrote: »

I'm a bit confused, I was looking to sell some Fundsmith this afternoon on iWeb. It states that the last closing price of yesterday is 354.23 ..... on the Fundsmith factsheet they have updated the price this afternoon at 347.58

Why would there be two (historical) prices rather then the same (historical) price on both sites?

MK62

Most likely just one of the sites is slow to update the latest price.....one of them will have been the noon price on 25th April, the other the noon price from the 24th April.
It doesn't really matter though, as at 2:41PM on the 25th April (time and date of original post) the OP would have got the price set at noon on the 26th April.