Today
I enquired from my Cash Management Fund if a deposit had been made to it,
and the amount the account had received was $24,487.03.
I
was quite shocked as the unit price had dropped so drastically in a period
of less than two weeks.The share market has been
still relatively buoyant, and I could have expected perhaps a drop of a
couple of hundred dollars at the most, but not $661,
a drop of 2.6% in a matter of a week!!!!
On
phoning BT, I was surprised to hear that the unit prices were adjusted
as it was tax time and the fund had less money in it now.
I
phoned BT to find if the forms had been received and that I had filled
them out correctly, and was asking the amount in my other BT fund namely
BT Lifetime Super - Personal and I was told that the NEF would not be deducted
if I wrote then, as it would be received after the anniversary when No
feeswould be taken from my amount.I double checked
that, as I was going to wait for the next day, but was assured that this
was correct. The amount in my account was still healthy at approximately$46,600,
but far below the original amount.When I phoned BT
Client Relations this morning about the other fund, I found that it is
being processed as I write this letter, but the amount in this fund has
dropped in a similar vein, and is worth $46,004.16,
another
drop of over $600, similarly because of “readjustments”
because of payouts and not as much money in the fund.
For
some time I have been fully retired and would like a complete withdrawal
of the remainder of my diminishing account before it drops further
Performance
of this BT fundA
huge loss even before September Eleven
|
Date
|
Exit
Unit Price
|
Amount
in
|
Date
|
Unit
Price
|
Amount
in my fund
|
|
14/07/
2000
|
$1.025
|
$49,878.34
|
31/12/2000
|
$0.9850
|
$47,931.87
|
|
30/06/2001
|
$0.9650
|
$46,958.63
*
|
|
|
No
statement
|
|
30/06/2002
|
$0.8725
|
$42,457.42
*
|
|
|
No
statement
|
|
30/06/2003
|
$0.8425
|
$40,997.56
|
31/12/2003
|
$0.9025
|
$43,917.27
|
|
|
|
|
|
|
|
*
LESS the amountofNEF amount
payable to the fund if redeemed
Note
the drop in the year prior to New York Twin Towers, and even in the four
months preceding Christmas, 2000, and continuing till June 30 2003 statement.
Since
the beginning of 2004, I have phoned about the unit prices and they have
been as follows, increasing well over the past six months.(Until
the 10 days preceding my removal of funds.I do hope
no exit fees are being charged, when I was assured this would not occur).
January
$43,897
12
March$45,189
April$45,498.98
27
May$45,445.26
26
June$46,656.93
July$46,671.53
(as at 30 June, 2004)
All
of the money was self funded when $50,000 was begun inBT
NEF Future Goals Fund in July, 2000. I realize that the events of New York
and Bali diminished funds to some extent, but tax time readjustment of
the latest amount I had asked just prior to 14 July 2004 of $46,600, and
worth $46,009 today, (20 July, a drop of 1.5% in a matter of days is almost
as devastating.)
I
cannot believe how shocking this is in such “good times” as we are experiencing
now, especially since this fund performed so poorly during the WHOLE of
the past 4 years.
(
my 48,661.8 unitspurchased @$1.0275 = $50,000)I
cannot say enough how disappointing your fund has been over the past 4
years.