I have an Irish Life Scope investment fund which I started January 2001.
I invested 50K and as of today the value is 44.5K.
I am so fed up with this. At it's best it was at a break even about a year ago.
Should I hang in there for an upturn or cut my losses and run?
I have other smaller amounts invested here and there and I have recently inherrited an sizeable portfolio of shares.
I am self-employed and do put money in my pension as much as possible but I would like to see my money giving me some monthly income so I could take it a bit easier workwise.
I had been thinking of buy-to-let but it seems is not a good idea anymore.
Any advice anyone - I'm a bit lost:confused:
Oooh, that's a hard one.
I'd say leave them there until the years end as you suggested.
Most commentators are saying that current prices (globally) will look like a steal in 12 months time.
I have an Irish Life Scope investment fund which I started January 2001.
I am so fed up with this. At it's best it was at a break even about a year ago.
Should I hang in there for an upturn or cut my losses and run?
Wow, is that fund really that incompetent? :eek:
So, during a period from 2001 to 2007 it "broke even" at best not taking into account inflation?!
If you had just invested in the ISEQ overall with an ETF you would be have done better, even today :
http://chart.finance.yahoo.com/c/5y/_/_iseq
That return is pathetic even at its best, and this was when the ISEQ went from around 4000 to 10000 in the space of 5 years. What makes you think the fund would make a better return if the market had an upturn? :confused::confused:
Why on earth would you keep your money in that fund?!
It's not the markets fault, it's your fund managers and yours for not looking at this before and questioning why the performance was not at least tracking the performance of an indices.
Please take your money out of that asap and put it on deposit or invest in your business. It would be put to better use in either scenario.
Oooh, that's a hard one.
I'd say leave them there until the years end as you suggested.
Most commentators are saying that current prices (globally) will look like a steal in 12 months time.
newbusiness, a quote, something at all to defend this?
OP; shocking fund,
it is underperforming, both during a boom and more lately during a bust
therefore what have you to lose if you take it out and put it somewhere else?
Obviously buy to let is a bad idea unless you choose the correct buy to let property - post a few properties up that you think may work for you, having done the sums, and let us discuss it here.
Meanwhile, a high interest deposit account sounds good.
Dude, if you had to invest 50k in the funds I'm in at the mo your investment would be worth 29k :eek: Lucky enough, I only put in 7k but it's still a kick in the teeth.
In fairness to Irish Life a lot of the indices haven't done that well in the last 7 years. The FT100 and the S&P are still below their peak in 2000.
At the same time the fund should be well diversified so they should have made up ground on property, bonds and the emerging market. My guess is you're being taken to the cleaners with high annual management fees (for losing your money)
You will find it very difficult to find out what exactly these fees are but be persistent and find out the full story.
If you had just invested in the ISEQ overall with an ETF you would be have done better, even today :
http://chart.finance.yahoo.com/c/5y/_/_iseq
By the way interesting graph - Ixus. We're at the Jan 05 level now for the ISEQ. A 35% hit in 9 months - what a roller coaster.
Meljets - check out the percentage they charge you yearly for maintaining the fund. If it's high - for example 3 %, even if the fund rises by 1%, you will lose 2%.
Also if the fund is invested in stocks that are traded in US dollars, you will have lost out over the past while.
That is a shocking return, what sort of a window have you for this investment?
i was only partly shocked by the return until i saw the timefram. how a fund could have lost that much cash in a major bull market is beyond me. i would get info on what the fund tends to invest in, maybe post that here and we can discuss prospects for them. basically if they are investing in anything passably ok, there may be significant scope for upside. if it was me, id do that, leave it for anohter maybe 2 years to see if theres any prospect of even break even, and if you get there take your money out and never give it to these BROKers again. i know thats against the cut your losses and run principle but i think thats how id feel. buy to let in my opinion has zero upside potential in the current climate.
just noticed that you said it did reach break even a year ago, shocking loss over a 12 month period, typical irish fund, think theyre being risk averse by only buying "blue chips" while failing to take into account that a whole index can tank, iseq this year case in point.
