Forget the oldies...this one's for young investors
Fisher Funds has launched a new fund aimed at young investors.
Thursday, December 16th 1999, 12:00AM
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The idea is that the fund will be used as a tool to help educate young savers about investment matters.
Fisher Funds managing director Carmel Fisher says the marketing material is jargon-free and is pitched at an 11 year-old level.
Besides that there will be jigsaws, crosswords and puzzles designed to teach youngsters about personal finance matters.
Fisher says the fund will be competitive against other high-risk diversified funds, yet it is "almost a quirky fund".
Its investment goal is to create long-term growth, however its mandate instructs the manager to invest in shares of growth companies that have an impact on the lives of young New Zealanders.
These will be companies which have been around for sometime and which have strong brands, such as Vodafone, IBM, Sony, Microsoft and Gillette.
Fisher says by buying companies that are known to younger people they can be used as case studies to help with the education process.
The fund can invest in New Zealand as well as offshore and Fisher expects it will start off with a local bias then move to a 50:50 mix.
It will be distributed through advisers and directly to the public and it will have no entry fee, however there is an exit fee if the money is withdrawn within three years. Minimum investment is $500 or $50 a month.
While the fund aims to help educate young people about investment matters it isn't a saving-for-education fund as such.
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