In an article titled “Liquidity, Disclosure Hot Topics in Lights of Bond Sweep,” published on Jan. 6 by BoardIQ, investment management partner Greg Sheehan (Boston) is quoted on the responsibilities of advisers in disclosing information relating to bond liquidity. Mr. Sheehan says, “Investors buy bond funds to get fixed income exposure, not cash or cash equivalent,” adding, “the consequences of holding large cash positions need to be clearly disclosed.”
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