Managed Funds Exiting Macquarie Funds

Discussion in 'Shares & Funds' started by gazza, 30th May, 2007.

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  1. perky

    perky Well-Known Member

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    You know where I am talking about mate :D :) , Cliff - that same forum I organise meetings for each couple of months. I love that forum , but one thing that does get me down is the inconsistency .
    I have great respect for both Steve Navra and Peter Spann (I would recommend people to either of them if they want to look at getting an FP cos they are too time busy) - however I think the "other" forum has some sort of hero worship when it comes to PS (please PS don't take this as a criticism if you read this) , but when it comes to SN all you get is put downs constantly - despite the 20% odd returns over the last several years.
    The Navra Wholesale fund is so easy for those who dont want to invest - just have a "set-and-forget" managed fund.
    Of course its a shame that Steve has left both forums now as he could not handle the criticism directed at his fund in the "what-if" situations that were posed to him - questions that were rightly asked but sometimes emotionally directed.
    At least here you get a more balanced view.
     
  2. TryHard

    TryHard Well-Known Member

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    Hear hear on all counts Perky ... well said :)
     
  3. Glebe

    Glebe Well-Known Member

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    What stirs me is that Steve left Invested because, after he popped in to spruik his MIS product, he couldn't deal with the what-if scenarios.
     
  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    Actually ... to set the record straight, Steve "popped in" to answer some questions about the Great Southern products at our request.

    The product is not Steve's it is Great Southern's ... Steve was merely promoting it to his clients, many of whom are regular visitors to InvestEd, and many of whom have asked for some tax effective investment strategies.

    ... but this isn't a thread about Steve - so back on topic please.
     
  5. johnnyb

    johnnyb Well-Known Member

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    On the FreemanFox web site (www.freemanfox.com.au) there is a web cast where Peter outlines his latest fund offerings. Given the performance of the MEIF fund is anyone investing in the new income fund (GEIF) or the new growth fund?

    I'm always tempted by the 100% finance and the income assitance loan, but then I'm put off by the complicated mechanisms used within the funds (for moving money around if/when things go pear shaped), not to mention the fees of Macquarie. I like to KISS.

    John.
     
  6. crc_error

    crc_error The Rule of 72

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    well I have been burnt by the previous macquarie funds... they are simply fee factories.. I wont be investing more with them..

    looking at that webcast, it looks like spanny was promoting world peace or something!
     
  7. jscott

    jscott Well-Known Member

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    I agree - KISS is the secret. As soon as i start to have trouble reading a pds or prospectus, I get rid of it as too complex.
    Back when Peter Spann was spruiking the Macq buy-write and income funds, I couldn't believe that so many people where excited by them after looking at the MASSIVE fees involved. Hedge funds of any sort have all the glossy marketing which obviously works...
     
  8. artgul

    artgul Well-Known Member

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    I also cut my losses with the Multi Strategy Fund. After fees & penalties, I got $2k from my $100k investment (borrowed the lot). That's a lost of about $5.5k. I'm glad I did exit (submitted request back in April), 'cose by mistake got a letter from MacBank requesting payment of $9.5K for the coming year:eek: . I subscribe to the rule of the "whole"- if you are in one, don't keep on digging in :D . Amen for the experience though.

    Cheers,
    artgul
     
  9. gazza

    gazza Well-Known Member

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    Even though I have put in my redemption request and have had it confirmed that I am 'on the list' for the end of June, I did receive in the mail yesterday a letter stating that I have to pay the next year's interest by 29/6. You have to wonder sometimes how these companies are so successful and yet don't seem to be able get simple things right.
     
  10. Handyandy

    Handyandy Well-Known Member

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    Well I made a start at closing down my Multi Strategy Fund.

    When I rang them first time they informed me that it was to late for the June close off so I a up for the interest regardless. They then indicated that they could do me an estimate/quote to close the investment.

    I can see that in the end its not going to be a straight forward resolution as they are indicating the the payout will take about 2 months but the rebate on interest paid is only for the one month. The excuse is that they have to wait until they can work out the unit price at which you cash out (and I am sure any other excuse they can think of).:( charging interest on the loan amount in the mean time.

    It seem that not only was the PDS incomprehensible but the exit strategy is even worse and suprise suprise slanted in their favour.

    Anyway the bottom line is that to cancel effective on the 31/7 the redemption form needs to be lodged 15 business days prior to the 31/7.

    The interest wll be charged until the loan is repaid, which will be once they work out the unit price as at the 31/7. In the estimate this is out to the 29/8 thus 1 month of interest with no potential earnings. ( I assume this is why Gazza has the interest bill)

    There is also a withdrawal fee which is $1444 on a $100k. This is worked out at 1% pa out to the 2/1/09.

    The following estimate was worked out on the closing price as at EO April the figures have improved slightly since then. To achieve even this payout I have just paid interest of $7,100 or there abouts. Thus the $2k as per artgul payout.


    Loan Outstanding
    -$100,000.00 Interest Payments Owing
    $0.00 Refund of Prepaid Interest: 29-Aug-07 to 30-Jun-08 $5,826.58 Break Benefit/(Break Cost) $3,205.67 Loan Repayment Amount
    -$90,967.76


    Investment Value as at the end of April $101,963.67 Estimated Withdrawal Fee for withdrawal on 31-Jul-07 -$1,444.49 Estimated Proceeds from Withdrawal $100,519.18


    Estimated Net Proceeds from Withdrawal $9,551.43
    Not the best investment ever made:mad::eek: but mainly because of the pathetic performance of this fund.

    I certainly question PS's credibility moving forward as this was highly recommended with the reality being he is just their salesman collecting the fees with no regard as to the subsequent performance any funds that he he may promoted except of course the successful ones which then go into the boast book.:rolleyes:
     
  11. crc_error

    crc_error The Rule of 72

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    looks like the newton and asia funds have picked up of late!

    I hope I don't end up regretting getting out! (NOT)

    I got just under $3000 refund from my $50k borrowed investment in the bank today. for the newton fund. So I think that just ended up break even.

    Paid $5600 interest for 19 months, and got back $6000 ($3k dividend paid 12 months ago)

    So I actually made $400 ROI! great result! lol at least I picked up the commission refund from investsmart which was a bonus.