I thought I would post some statistics on some managed funds with a view to investigating the historical returns - hopefully gaining some insight into what the fund is capable of. Naturally, historical returns do not necessarily represent the future returns, but it is still an interesting exercise. I'm using the Colonial First State Wholesale Property Securities Fund - because many people have expressed interest in this fund recently (or the retail version, which is very similar to the wholesale fund), but mostly because that's what I had data for on hand The following chart shows the returns of the fund over the last 3 years. It is NOT a logarithmic scale - so take that into account when considering the shape of the chart (it can be misleading) ... I mostly wanted to highlight the extended negative periods the fund has shown in the past (there is a longer period about 2 years before this too). The funds can, and do have extended negative periods - so don't assume you can invest in them for the short term and necessarily expect high returns !!! Of course, charts can still be misleading - they have to be interpreted, so I decided to break it down futher by looking at the quarterly returns for the fund going back to inception. The following chart shows the quarterly returns, and the yellow line is the median value. Median means that this is the mid-point of all values, there are as many returns above this value as there are below. Let's break it down further: The minimum return for any one quarter was -7.3% The 1st quartile (where the bottom one quarter or 25% of the values are BELOW this figure) is 0.1% The median (where half the values are below and half above) is 3.5% The 3rd quartile (where top one quarter or 25% of the values are ABOVE this figure) is 6.1% The maximum return for any one quarter was 13.9% (which, interestingly, was the most recent December 2006 quarter !!). So, if you were to apply these statistics to an analysis of what you may expect ... the 1st quartile is pretty close to zero. This means that historically, you have a 25% chance of seeing negative (or zero) returns for any quarter in this fund !!!! If the fund were to return the median value for four quarters in a row, it would be approximately 14% return. Out of interest, the median annual return (calendar year) from the fund is about 11.5%. I'll post similar charts for the Navra AUS W/S fund so we can see how that fund has performed.