Hi @Investor_No_1,
I actually have a question here (which I also asked elsewhere), which is exactly about the composition/portfolio of overnight funds. The reason for asking this question is that one cannot know how risky a fund is unless you know what is in it. You can look at it if you want. Understanding overnight fund portfolios
It has one answer, which I should reply to, but which I did not find enlightening.
As far as I can tell, overnight funds are in their own special category. They don’t invest in instruments like bonds for the most part. But I am currently still unclear about the details. I’ve asked on a couple of forums and written to a number of people about this, but no clear replies yet.