Will the market pick up soon?

[jessie2]

I have a BOI PIP fund, it was given to me, I know I should have moved it before now, I know how bad a fund it is, I know I have lost money- nobody need tell me believe me!
I want to use the money shortly for a seperation buy out.
It dropped from 39k to 37k since summer - but I thought it might pick up again. I hadnt been watching the market for a couple of weeks and today I see it is only worth about 35.5K so am starting to really worry.

I know this is the impossible question - but does anybody think the market will pick up again before Christmas. This fund can lose/gain thousands over night and I would rather wait a few weeks if it could possibly creep back up. Or maybe I should close it now before it loses anymore. Any advice?

 

[ClubMan]

I have a BOI PIP fund, it was given to me

What do you mean? Who gave it to you and in what circumstances?

I know how bad a fund it is

Again what do you mean?

I know I have lost money

Have you? If you got the fund for nothing from somebody then you have not lost money. And even if the fund has fallen in value these are only paper losses until such time as you cash in.

Or maybe I should close it now before it loses anymore. Any advice?

If you definitely need the money imminently (when exactly?) and it would be a hardship on you for it to fall further in value then perhaps you should just cut your losses (and potential gains!) by cashing in now?

 

[dunkamania]

Equity markets are unlikely to pick up until all cards have been laid on the table,i.e. until the financials get their year end audits, which would be released around March.

 

[joe sod]

I don't know anything about this fund but in all reality that is not a dramatic fall, if you had been invested directly in equities you would have had bigger falls because the iseq has fallen more than that. How much was originally invested in this fund to start with, if it was invested a long time ago then there should still be alot of capital gains still left. The fund was given to you so it is basically all free money to you, if you cannot handle volatility then sell and take your cash off the table. 39K is now history, 35K is today and that is the new reality. I don't know what the future holds, there maybe a strong short term rebound in the iseq, but overall i think the iseq will continue to drift lower and hit an equilibrium at around 6000 , it was at 10000 in january but the last 2 years of iseq valuations should now be regarded as not relevant anymore because the iseq is not going to revisit these levels for a few years at least

 

[jessie2]

Thanks, yes Clubman I need the money imminently to pay to my ex. I really needed the full 37 to make up part of a settlement, but I think I will cut my losses and get our now and scrape the difference elsewhere. FYI - it was gifted to me, it has lost a lot of money because it is strong in equities, the capital is not guaranteed. My father bought it, thinking capital was guaranteed, he was misled. The ins and outs dont matter anymore. I need to cash in within the next few weeks. Whether it was technically mine or not shouldnt matter (though I cannot understand your thinking here.... a gift or inheritance becomes the property of the recepient). The initial value was €44K in 2000 but I spent about €10K, after 9/11 it lost €7k - it did about 8% last year. But I'm no longer concerned of its investment potential, it is going regardless.
I'm just annoyed that it dropped another 1500 so quickly in couple of weeks, it seems to alter very quickly. I thought perhaps I might gamble and hold out couple of weeks but the money is vital to me.
I was just only wondering of the timing of withdrawing as a week sometimes seems makes a different of a grand or two with this policy. I am sorry I didnt take it out in July and put it on deposit.
Thanks, very helpful.