Forum Archive Index - January 2002

["Malcolm Cameron" <malharcameron@hotmail.com>]

Geoff
for something different in funds management have a look at TGG on the asx. 
global fund has held up well in last 6 months. Good dividends


>From: "WALKER GEOFF,MR" <GEOFFERY.WALKER@NZDF.mil.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: "'sharechat@sharechat.co.nz'" <sharechat@sharechat.co.nz>
>Subject: [sharechat] Unclassified:  Fund Managers
>Date: Thu, 10 Jan 2002 15:13:33 +1300
>
>Andrew
>
>couldn't agree more with your comments (but admit to being invested in 
>Tower
>GAM Trading and OMP, both hedge funds)!
>
>I too was convinced by the so-called experts and advertising that unit
>trusts were the best way to go.  Unit trusts provided;
>
>*      the best returns, and
>*      diversification into numerous stocks and markets that the average
>investor could not invest in, and
>
>Whilst I'm sure one could argue all day that some, if not all of the above
>attributes are provided, they come at a high cost.  End of the day what is
>the most important thing an investor wants - decent returns.  Regrettably, 
>a
>large number of funds have, and continue to produce dismal returns.
>
>IMO, some of the major cons against using unit trusts / fund managers;
>
>*      the management fees are very, very high (often 2-3+% excluding tax),
>*      their stock selections are only marginally better than the average
>investor could pick,
>*      the returns are often no better than the indices they invest in,
>some perform considerably worse.  A book titled:  A Random Walk Down Wall
>Street sums up the fund management industry extremely well.  Apart from one
>or two top investors in the US, such as Peter Lynch, the vast majority of
>funds in the US performed dismally over the long term, worse than the Dow
>performed!  If a comparison was done in NZ or Australia, I suspect a 
>similar
>pattern would emerge.
>
>Me, well I've bailed out of BT and invested the proceeds into MDZ and OZY
>(Mary Holmes would be happy!).  I will invest in WINZ when the inevitable
>shake down occurs in the US and our currency appreciates a tad more (yes, I
>might be waiting a long time but I have one thing on my side that fund
>managers don't - patience).  I also have a sizable investment in NZ
>equities.
>
>
>Regards
>
>Geoff Walker
>
>
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M H & M M Cameron
55 Czarnecki Street
Camira 4300
Brisbane
Queensland
07 3389 0515


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