bilperk:

What difference does it make if it is a down market?  They are capital gains.  The money doesn't know its a down market. 

If a manager realizes cap gains in a down market out of necessity in order to satisfy redemptions, it means that the manager sold when they would not have but for the redemptions.  The money is the same when you receive it, but it means that you may have sacrificed future gains had the managers been able to hold onto the assets.

bilperk:

There are a lot of closed funds.  Few have reopened and all have had redemptions just like in any correction or bear.  DODBX surly didn't "have" to reopen.  They reopened to get cash to buy more beaten down stocks

Because they had to use all their cash to meet redemptions? 

bilperk:

I'll let the D&C boys decide when to take their CGs.

I would like to let my fund managers decide when to take CGs, too, I just don't like it when they don't have a choice but to take them to meet redemptions.