Adolf has spent a couple of hours wandering around a few websites to see what really has been going on with Kiwisaver. Who is ripping off clients and who is providing decent results?
Well, here's the go for a selected number of balanced funds. Morgan's fund is listed as GMK.
|Fund Manager||Fund Size||1 Yr to Jan 10||Annualised|
|Westpac||89.5||11.1|| n/a |
It's quite easy to see Mr Morgan is catering for the dumbarse, whinging, green with envy, lower decile, gullible demographic whose inhabitants are quite happy to forgo profits just so long as they are paying low fees.
His website boasts some 45,000 members with an average account size of $6,500.
The poor bastards.
Update: Here's the flash graph from the yapper's website, showing the momentary flutter of profitability, a very long time ago - just six weeks out of 28 months.
Further Update: The link from Gomango's comment provides some perspective.
Some $60k cash was injected by the fund manager to enhance returns when the fund was small. The fund now stands at $16.7 mil and has delivered an annualised return of 12.3%.
12.3% of $16.7mil is a cool $2.05mil.
Fellers, you need to learn something about wood and trees.