Let's say I start up my 401(k) through my employer with a particular fund.
Take this for example:
Largest Holdings (08/31/2013)
Exxon Mobil Corporation 2.60%
And so on.
Now 5 years pass and tech changes so pretend I don't want to carry Microsoft anymore but the Fund Manager still has it as one of the largest holdings. Hence I want out of this fund. I know with a 401(k) I can switch which fund my contribution goes too but if I understand correctly I'll still have my existing shares of this Mutual Fund. Is there instead a way to sell this fund and move all of the assets into a different one, all within the 401(k) area?
For the record this is just an example. I do not have any 401(k) yet and am just trying to prepare myself before I begin one to make sure I either pick funds that I think will last until retirement or know how to exit safely, early.