Irish Life saverscope looses 1k in 4 mths

hi all
can anyone help me here, I feel so foolish.

in Jan 31st my Saverscope fund in Irish life was worth 12711euro.
As of May 31st its worth 12788 - an increase of 77 euro .
I have made 4 payment of 250 pm since jan so would have expected the fund to be at 13711 at least.
How can I have lost 1000euro in 4 mths ??
My savings are split between Global scope 3 and Wisdom scope 3 ratio 1:4.
of course I should have moved this to a fixed deposit earlier in the year but I need access to some of it later in the year so felt it was better to leave it where it was.

Should I at this stage cancel my monthly contribution and at least put the 250euro into a fixed rate deposit ( having first read the best buys on AAM!)
Will I leave the 12711 where it is and hope it recovers somewhat or cut my losses and move the whole lot - there is no way I can afford to to have lost 1000 euro in 4mths - thats just unbelievable.
any help is much appreciated
kmce

kmce said:

I have made 4 payment of 250 pm since jan so would have expected the fund to be at 13711 at least.

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Why? Do you not understand how equity based unit linked funds work?

How can I have lost 1000euro in 4 mths ??

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Well you have only lost it on paper. Judging such an investment over a few months makes little sense. Your investment timeframe for this should be c. 5 years plus. What was your planned investment timeframe and reasons for investing in this product?

My savings are split between Global scope 3 and Wisdom scope 3 ratio 1:4.

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Why did you choose this split?

of course I should have moved this to a fixed deposit earlier in the year but I need access to some of it later in the year so felt it was better to leave it where it was.

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OK - you probably were very foolish to invest money that you would need within 12 months in a non capital guaranteed product.

Should I at this stage cancel my monthly contribution and at least put the 250euro into a fixed rate deposit ( having first read the best buys on AAM!)

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If you need the money imminently then yes. And you need to question your decision to invest in this product at all when you seemingly need the money soon.

thats just unbelievable.

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It's not actually.

hi clubman
thanks for the swift reply.
I did realise the risk was greater but did not think I would loose 1000 euro in 4mths on such a small sum.
Anyway I need 6000euro in Jan 09 so was thinking of leaving the 12711 there and hopefully is will recover somewhat by then but like you say there are no guarantees.
I think in the meantime I should stop paying into it and put my 250 pm into a deposit account.
have all the equity based products gone down significantly or are Irish life just particularly bad performers?
you live and learn clubman - live and learn
I need a drink after that but am expecting a baby so thats out!
k

kmce said:

hi clubman
thanks for the swift reply.
I did realise the risk was greater but did not think I would loose 1000 euro in 4mths on such a small sum.
Anyway I need 6000euro in Jan 09 so was thinking of leaving the 12711 there and hopefully is will recover somewhat by then but like you say there are no guarantees.

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12 months is far too short a time to be investing in an equity based unit linked fund.

I think in the meantime I should stop paying into it and put my 250 pm into a deposit account.

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One of the c. 7% regular saver accounts with few or no restrictions on access would probably be the best.

have all the equity based products gone down significantly or are Irish life just particularly bad performers?

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Markets in general have been volatile over recent months/years alright but it really depends on what one was invested in, when and for how long...