$228m taken out of managed funds
Tuesday 20 July 2004
Investors pulled $228 million out of retail managed funds in the first half of the year - even though those funds were making money.
By The LandlordFunds management industry watcher FundSource said the withdrawals from funds that focused on international and domestic shares came despite good returns and an improved outlook. Money was flowing into fixed-interest funds, even though they faced a rising interest rate market and were already experiencing losses.
FundSource business manager Tim Anderson said investors appeared to be making "emotive rather than objective" decisions.
"One of the messages we're getting through is that many of the people exiting managed funds are those that waited to get their funds back to a reasonable level after the bear market."
Read More - Opens in a new window
Commenting is closed
Housing confidence has been dealt a hefty blow by the Covid-19 crisis with house price expectations plummeting to new lows.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.