Monitoring investment funds - impossible!

bikeman

I am very frustrated. Over the past 20 years or so I have invested in pensions, unit trusts and equity ISAs. Every year I get statements which tell me the performance of these investments in finds with names such as 'UK Index Tracker'. And until now all have been on an upward trend so I monitored their progress but never got stuck into the details.

With recent stock market falls I decided ot get stuck in and investigate exactly how each pernsion/ISA fund was performing with a view to moving things around or even cashing in where appropriate.

Now ignoring whether I should have paid more interest in the past or whether it is even a good idea to cash in now, the issue I have is that these pension/Isa providers make it very difficult to identify exactly which funds my money is invested in.

Trawling through both the providers websites and independent sites (iii.co.uk, telegraph.co.uk/funds etc) which show fund performance, I am lost in a sea of similarly named funds - several providers don't even show their daily fund prices on their own websites. Providers like AXA and legal and general have literally 100s of funds with very similar names and I have no idea which 'uk index tracker' fund is the one I invested in. Certainly my statements don't make it clear.

The providers themselves don't even seem to know - upon contacting each I was referred to their annual fund reports and none directed me to any daily fund performance details.

I am surprised that these fund managers can get away with issuing funds year in year out with similar names and yet not use any sort of referencing system to allow investors to easily identify and monitor fund performance.

Am I missing something? Is there an easy way to track fund prices?

If there isn't I think that I should be able to complain that these investment providers are failing to provide clear information. I approached the FSA who said that 'they could not comment on individual cases'. Well if the FSA aren't interested, who might be?

Phew rant over - any comments/advice?

Lokolo

No fund etc. has the same name so I am not quite sure how you are finding it quite difficult?

bikeman

I did say 'similar names'

Nonetheless as you find it easy, here are some examples:

Axa/equity & law Balanced fund - can't find it at
http://webfund6.financialexpress.net/clients/axa/filtertool.aspx?codes=&category=INS&type=ib&view=&riskRating=&sector=&Submit=Search&page=1&sort=name&dir=asc

Scottish Widows - Unitised with profits pension:
http://webfund6.financialexpress.net/clientsv21/scottishwidows2/pricetable.aspx?fname=unitised&strRec=0&selCat1=&selCat2=&selCat3=

Legal & General UK Index Trust (R) ACC ISA
www.landg.co.uk is down so I looked at
http://funds.telegraph.co.uk/clients/telegraph/default.aspx

or how about what should be an easy one:
Virgin FTSE All Share Tracker Fund - ISA - see if you can find it at
http://funds.telegraph.co.uk/clients/telegraph/default.aspx

Let me know how you get on - I have loads more..

Lokolo

bikeman wrote: »

I did say 'similar names'

Nonetheless as you find it easy, here are some examples:

Axa/Legal & General Balance fund - can't find it at
http://webfund6.financialexpress.net/clients/axa/filtertool.aspx?codes=&category=INS&type=ib&view=&riskRating=&sector=&Submit=Search&page=1&sort=name&dir=asc

Scottish Widows - Unitised with profits pension:
http://webfund6.financialexpress.net/clientsv21/scottishwidows2/pricetable.aspx?fname=unitised&strRec=0&selCat1=&selCat2=&selCat3=

Legal & General UK Index Trust (R) ACC ISA
www.landg.co.uk is down so I looked at
http://funds.telegraph.co.uk/clients/telegraph/default.aspx

Let me know how you get on - I have loads more..

http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR060Z5

I think thats the UK Index Trust (R), not sure about the alpha bit though?

---

Balanced, theres 3 lol:

http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04C4R

http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04DTQ (INC)
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F000002JUJ (ACC)

http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F000001K7R (INC)
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F000001K7Z (ACC)

bikeman

L&G UK Alpha Trust (R) Acc is not the fund I have.

Here's a good example:

My l and g isa is invested in 'Japan Index Trust'
It could be any one of the following:

http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR06HXE
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR06HXD
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04C2N
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04C6Y
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04C70
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04F5M
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR05PU3
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR05PU2

I would dispute that no funds share the same name..

I think annual statements should give the fund's ISIN.

Myrmidon_J

Lokolo wrote: »

No fund etc. has the same name so I am not quite sure how you are finding it quite difficult?

AXA Assurance Fixed Interest P
AXA Equity & Law Fixed Interest P
AXA Equity & Law Fixed Interest 1.25% P
AXA Investment Managers Fixed Interest P
AXA Sun Life Fixed Interest P
AXA Sun Life Fixed Interest P1
AXA Sun Life Fixed Interest P2

These are all different funds, with different charges (etc.) and varying investment performance - especially over the long-term. All of these are referred to simply as: 'AXA Fixed Interest' on client statements.

I agree with the OP: it is difficult to keep track of investments, particularly when the major insurance firms are involved - and I do think there is a TCF issue.

A particular gripe of mine is that insurance firms managing zombie funds deliberately deceive investors: annual statements tend to analyse 'performance' with reference to the highest unit price over the course of the year - even if that was seven months before the statement arrived!

Smoke and mirrors...

barak

bikeman wrote: »

Here's a good example:

My l and g isa is invested in 'Japan Index Trust'
It could be any one of the following:

http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR06HXE
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR06HXD
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04C2N
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04C6Y
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04C70
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR04F5M
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR05PU3
http://www.morningstar.co.uk/uk/snapshot/snapshot.aspx?id=F0GBR05PU2

I would dispute that no funds share the same name..

I think annual statements should give the fund's ISIN.

I agree entirely with your last point - but -

the last 4 you list do not have "Index" in their name, so are not yours.

The first 4 appear to be the same Index fund, but different classes of unit - i.e. Class I Accumulation, Class I Income, Class R Accumulation and Class R Income. I'm going to bed now so haven't time to see if I can be sure what the two classes are.

R could mean Retail and I Institutional, but I wouldn't bet on it

Lokolo

Each 'fund' will have an ISIN code associated with it. Get those and you should be fine?

Only thing I can suggest lol.

turbobob

barak wrote: »

R could mean Retail and I Institutional, but I wouldn't bet on it

That is right. So same fund, different set of charges.

dunstonh

With certain tax wrappers, they funds with S1, S2, S3 etc or variations of that all invest in the same main fund. However, where charges are fixed into the pricing of the fund rather than the wrapper and as new products are made available you get different series' issued. So, S2 could be the stakeholder pension version and S3 could be the personal pension version. S1 could be the legacy personal pension version from 20 years ago.

You can also get pension funds, life funds and unit trust funds all in the same main fund. All the same but different tax wrappers.

Personally, I rarely find any difficulty in locating funds. Generally its fairly easy as you have mex codes, ISIN, citi code etc and most providers will give you those (or in the case of investment IFAs a press of a button exports that data into your software in seconds).

If there isn't I think that I should be able to complain that these investment providers are failing to provide clear information. I approached the FSA who said that 'they could not comment on individual cases'. Well if the FSA aren't interested, who might be?

They provide the information but its not their responsibility to make sure you can understand it.

You drive a car but the dealer doesnt have to tell you how to service the engine yourself.

bikeman

Lokolo wrote: »

Each 'fund' will have an ISIN code associated with it. Get those and you should be fine?

Only thing I can suggest lol.

Yes you are right - but until yesterday I had never heard of an ISIN code. And as I previously posted, I expressed my confusion to several providers;

None offered me the ISIN codes and none provide them on their annual statements.

As I have demonstrated, there is precious little difference between these fund names. And as my statements only show a shortened version and not the full fund name (and no ISIN) it is impossible for me to reconcile.

In my view these providers are not providing me with the information required. I am not an IFA and so have no prior knowledge of mex codes, ISIN, citi code etc.

I think is unacceptable for these providers not explain the existance of ISIN codes to me when I expressly ask 'how do I identify my funds?'

This lack of transparency to non IFAs is not acceptable. Who is resposible for this if not the FSA?