Selector Australian Equities Fund - Confused

  1. 196 Posts.
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    Hey everyone,

    Has anyone had any dealings with the fund, Selector Australian Equities?

    I am trying to understand their PDS and is mired in contradictory statements.

    I have emailed the fund and they have stated they are unable to disclose the funds under management. I have never encountered a fund unwilling to advise how much they are currently managing. Has anyone else encountered this? Is there a requirement to disclose this to potential investors?

    They also detail the following fees:

    Column 1 Column 2
    0 Estimated management costs
    1.18% p.a.
    1 Estimated transactional and operational costs
    1.39% p.a.
    2 Performance fee
    15.375% p.a. of any out performance of the benchmark
    3 Buy / sell spreads
    +0.25%/-0.25%

    In the PDS it states their management fees (total for the whole fund) is $37,620.

    Based on this, the fund appears to only have just over 3 million in FUM.

    Yet, they replied the $37,620 is a base fee and not a percentage of the fund, which contradicts the estimated management costs, being a percentage based figure.

    Has anyone had dealings with this mob?
 
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