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mark1969 | We need help with a Mutual Fund that is constantly in the minus.? |
Purchased $50,000 Highland Cap Floating Rate Fund A 9/23/06 as soon as the purchase went through it dropped to $46,000 and continues to be in the red. We paid front load. I want to ditch but financial advisor at bank says it is ok. This fund accounts for 50% of our portfoilio. How do I convince husband that banks not the best place for his investment and what to do about this fund? |
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CHARLES R
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Considering you bought it in Sept 2006, that would be the first problem. Did the bank advise you to buy the fund?
I'm guessing since all of the holdings are USD based, your losses are on exchange to CAD rather than holdings.
I'm seeing a few red flags from a portfolio management perspective. First a 100k portfolio could easily be put into individual stocks instead of a mutual fund. Whomever advised you to drop 100k into front end load funds wanted a quick commission with little want to review the portfolio going forward.
Based on your question here, I'm guessing the advisor didn't ask you any of the basic questions about risk tolerance, or your husband willfully avoided that discussion.
In my opinion, I don't deal with mutual funds unless they're indexed or offer MERs under 1%. I find that the banks / fund company churn the accounts regularly. You're better off with looking at getting a portfolio of a bunch of stocks plus perhaps a fixed income mutual fund.
Next issue? Why is 50% of your portfolio put into one fund. Also how old are you, in your 50s? Rule of thumb is invest 100 - your age in equities.
A lot of professional investment brokers will give you a complimentary review of your portfolio - think of scotia's ads. |
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src50
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I agree with you - its not a very good fund. There are much better no-load funds available. Somebody probably got a nice commission for pushing this front-load fund on you. |
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Italian girl
 |
1st of all 50% of your money in one fund is not too good an idea. too much risk. 2nd if you invest in mutual funds through a bank or broker you willl pay a front end load of about 5.75%. That in itself is not a great disaster but it does mean that your are in the whole that amount from the get go. Now there are plenty of great no load funds which are purchased directly from mutual fund companies such as Fidelity, T Rowe Price, and Vanguard. They are all on the internet and you can go to their sites and check out the returns of their funds. With 100k, you should have 25k in a money market account, and equal amounts in about 3 other funds at most. Perhaps 25k in T Rowe Price Capital Appreciation Fund a conservative large cap fund, 25k in a foreign stock fund to protect you from the falling dollar. Fidelity has a good one but I forget the name. Vanguard also has a good one called I think the World Stock fund or something like that. And maybe 25k in a hard assets fund also to protect against the falling dollar. |
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D G
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Are your investment goals short-term or long-term? If you're looking to profit immediately I can see your frustration, but this looks like a nice, stable fund for years to come. |
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tom_rvc
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You should look into an inter family fund transfer...you might be able to get a fund more suitable to your needs with out paying a load. Or just cut your losses (take the carry forward) and look into a no load fund family like Vanguard or Fidelity...you're never getting that commission back and it is a low vol. investment. |
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Dom
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Banks are horrible to go through. How do I know? I worked at banks and I got paid to trap people into thinking that going through a bank is the best way to invest.
Paying for loads is a waste because you can sign up through the company yourself and many times get in without a load fee. Or sign up through an online broker like ameritrade and pay $20 to buy the mutual fund yourself. I learned by going through these mistakes myself.
As far as your fund being in the red, that is how it works. At times it goes down and at times it goes up. Over a long period of time, the stocks do better. Short time is anything below 2 years. In the past few months, I was up 5%. then down 21%, and now I am down 2%. It is just how it works. Be patient.
Or don't be patient because I am sure that load is cutting into your money pretty badly though. Don't go through the bank. These people are the same that charge you $45 for each bounced check. Do you think that they aren't ripping you off with your investments as well? |
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voluntarheel
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I think you've gotten enough good advice from others about why front load funds and banks are bad places to put your money. But that isnt' going to convince your husband. You BOTH need to read up on Suze Orman, David Bach, Dave Ramsey, Jane Bryant Quinn and others. Ramsey has a TV show on Fox Business Channel at 7pm CST each night, and Orman has a show on CNBC on Saturday nights - they both offer good advice. Its not always bad to get professional financial advice, but you have to be aware of what you are doing and what they are trying to talk you into buying. NO ONE will ever care as much about your money as you do - NO ONE. |
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Franco
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You must compare its performance against its bench mark index at the end of three consecutive years. If it failed to eat the index in each of those years, you should switch to other funds, preferably index trackers, putting no more than $5000 in each.
As you only had your fund for one complete year, it is too soon to judge it. |
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