"I sold some JMCS on Monday, anticipating a correction. There was a software glitch which meant I could not deal in real time and had to leave an order, which i did with no limit as I could not remain in contact during our Australian evening. I then checked the dealt price of 22.75 with the FM chart next morning, and queried with my dealer why the chart range of 24 to 24.5 did not include my dealt price. The response was:
1. the fund has very little liquidity
2. the fund is a market maker which means that there is no order book. The fund is only dealt via brokers on the phone
3. All paid prices of yesterday were between 22.20 and 22.75
4. The information in Bloomberg is based on a theoretical price only rather than a paid price
"Is this your experience with most ITs?"
David Fuller's view No, this certainly does not coincide with my experience when dealing in investment trusts. I note that JMCS is highly illiquid, having a market cap of only £3.2 million, as you can see from this Bloomberg page. Nevertheless, nearly 22,000 shares traded on Monday in a range from 24p to 24.5p. My guess is that your order was executed (appropriate word) either before or after London trading, and that you were treated badly.Back to top