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[sharechat] Last word on managed funds!

From: "Mark Hubbard" <>
Date: Thu, 30 Sep 1999 11:38:36 +1200

The following is quoted directly from a letter I received this morning on
Guardian Trust letter head, regarding my investment in the Toronto Currency
Fund (which I have been using in conjunction with GAM Trading to give
exposure to currency trading).

"... we now advise of our intention to wind up the fund and distribute the
remaining assets to Unit Holders. ... At this stage, we are unable to give
an indication as to when the distribution can be made to Unit Holders. Unit
Holders are reminded that now that the fund is in the process of being wound
up, transfers, switches or withdrawals cannot be accepted".

What I have 'trouble' with, is that I only invested into this fund about 7
months ago. Since then I have made a 19% loss, which was okay, as it was a
long term investment, and I was comfortable with the risk attaching to such
a currency trading investment, but now it seems I have given over my money
just in time to incur, on top of my short term losses, the wind up costs of
the fund, increasing my losses even further.

So, I've now officially had a gutsful of the managed funds industry - its
buying my own shares on the NZ stock exchange, plus investing overseas
through UK Investment Trusts, for me from now on!

(PS, did I mention that before this letter I had just been through the
fiasco (in my opinion) of the Colonial First State funds restructuring - at
the time I withdrew my money from that company's funds, I did not even know,
due to receiving no communication, how many units I had in the  trusts I had
switched to - after I had to switch from the the funds they closed down!).

I feel a bit better now. I apologise if this forum is not specifically
designed for 'venting one's spleen'.

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