Interval fund
A fund that accepts purchase and redemption orders only during windows announced in advance; between them there is no way out of the fund.
How to read the number
The restriction exists for assets that cannot be sold quickly: the fund need not keep cash ready for any day and therefore invests its property more fully.
When the metric lies
The time to the next window is your liquidity horizon, whatever the fund holds. Plans that need the money sooner are simply incompatible with this form.
Also known as: fund with redemption windows