Fund manager is responsible for executing the stated fund strategy and selecting securities as per the fund objective. Especially during an NFO, the fund manager can choose to hold a part of your investments in cash and invest them at a later date, in case the timing is not apt for the entire investment.\r\rNFO lets fund managers enjoy the liberty to buy without worrying about untimely redemption by investors. Hence the choice of securities and their entry time is highly crucial and that remains in the hands of the fund manager.