OpenFund Offers Customers a Peek at Fund Manager's Day

In the preternaturally secretive mutual fund world, OpenFund is taking disclosure to new extremes.

The fund, which launched Sept. 1, has pulled back the magician's curtain, offering investors a real-time view of the fund's managers, traders and, most significantly, its portfolio.

OpenFund is posting the details of its trades on its Web site at www.metamarkets.com as soon as they're made and encouraging investors to discuss holdings with the fund's managers throughout the trading day via discussion boards. Investors can even see the firm's traders and portfolio managers at work via a trading room Web-cam.

While some think the behind-the-scenes peek is a good idea, critics wonder if market-timers will crash the party or if the fund's attention-getting disclosure policy will lead investors to overlook its significant risks. ...