Best time to sell managed fund?

[bellenuit]

I am invested in several managed funds that I would like to liquidate. I am under no pressure as to when to liquidate, but was wondering if there is an optimum time to do it. I intend to re-invest the proceeds through direct investment in the market, so concerns about selling out at the bottom of the market don't really apply as I will be buying back in almost immediately.

What I am interested in is whether it is best to liquidate immediately before a distribution or immediately after. Before end of tax year or after etc.

Any advice and highlighting of potential pitfalls would be appreciated