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Australian Unity Growth Fund

Discussion in 'Managed Funds & Index Funds' started by DaveA, 30th Apr, 2007.

  1. DaveA

    DaveA Well-Known Member

    Joined:
    19th Feb, 2007
    Posts:
    617
    Location:
    Sydney, NSW
    i recieved my distribution statement of my australian unity fund and to my surprise the distribution amount is adjusted for the amount of days you held the units for, so if you buy it on the last day you effectively wont get a distribution (i had 3 cents credited to my bank account)

    are many funds set up like this, all my other funds just distribute to the unit holders and i got the full amount....

    cheers
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,623
    Location:
    Sydney, Australia
    I've never come across a fund that does this.
     
  3. voigtstr

    voigtstr Well-Known Member

    Joined:
    24th Jan, 2007
    Posts:
    679
    Location:
    Hobart
    I'd be reading through the PDS. If what they've done doesnt match the PDS, I'd be calling them.
     
  4. tropic

    tropic Well-Known Member

    Joined:
    13th Sep, 2006
    Posts:
    131
    Location:
    WA
    I heard never heard a fund that does this.
    The administration would be complex and costly.
     
  5. AusUnityDidMe

    AusUnityDidMe New Member

    Joined:
    28th Jan, 2010
    Posts:
    1
    Location:
    Adelaide
    91% Loss

    Wow, just found this forum after dealing with this alone. Just got into investment and put $1,000 into Australian Unity Growth fund. it went down to $24 and is now back at $84. No that is not a typo, there are no zeros missing. I am down over 91%. It is worthless. Really feel for those with a big investment in here.

    I wrote to them recently and asked why no communication had arrived about what went wrong. I had written this off in my mind ages ago but then saw in their healthplus magazine an article spuking their property investing! I was so annoyed i emailed them only to get a reply quoting the sector had been hit hard (fair enough) BUT then quoting a rebound with ~40% increase recently. Now I may be a beginner but losing 90% of a grand then gaining 40% still makes you oh about 86% down!!!! (rounding off to 90% loss it was far worse). They really think we are stupid or they are quoting these figures so people will see 40% gains and invest in one of their funds. What an eye opener for me.

    I learnt a big lesson about investing in what you dont understand. i wanted to invest in property and not the stock market, what an idiot i was now I know the story! Lesson learned. Doesn't excuse the shoddy communication and dodgy reply with % that dont tell the story! BEWARE.

    Finally, why was i reading Australian Unity Lifeplus? because my medical insurance is with them. Not for much longer.