On Tue, 25 Apr 2000, Michael Gerdts wrote:
> On Tue, Apr 25, 2000 at 02:56:02PM -0600, Bryan Larsen wrote:
> > I have mutual funds that split every December 1. They split to bring
> > their net asset value back to $10. The ratios are never even. Last
> > time, it was 11.412 to 10 or something like that.
That's still a rational fraction 100000/114120
>
> This would also be an exception to the reverse stock split with a remainder
> problem. (That is 100 shares become 33 with 1 old share's value of cash.)
> With mutual funds you can (and usually do) have fractions of shares. With
> stocks only whole shares are allowed. At least this seems to be the case
> on exchanges that my stocks are on. Surely there is an exception to this
> rule somewhere.
My brokerage lets me have fractional shares when the stock is held in the
street name. It seems that they do it so often for IRA accounts and the like
that they just do it everywhere now. I suspect they have a fraction of one
share of each stock in their own portfolio.
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