Portfolio liquidation time
Market basicsThe headline figure of the fund liquidity stress test — the days needed to sell 25% and then 50% of the portfolio, computed pro-rata against trailing traded volumes.
In plain terms
Driven mostly by fund size measured against the volumes of what it owns, so the numbers cluster by size rather than by skill. The least liquid fifth of the portfolio is excluded before the figure is calculated, which is the single most important thing to know about it.