Fund Switching and your profit

[NoBidNoOffer]

I have recently switched total monies out of two funds which both had profits in them.

I have now bought into 2 new funds with the monies however the valuation doesn't actually show the amount of profit within each new fund one as the cost of purchase would be the amount I paid in the original fund. So within the new fund are my gains but the valuation treats it as all new money with no gains shown on day 1. The platform I use is Fidelity however I have been using Trustnet as it gives me a much clearer valuation than Fidelity as it allows you to insert the real cost of purchase and keep the profit separate despite switching funds.

I do hope I have explained this clearly and am I making the right assumptions regarding the gains/profit.

[EssDeeAitch]

That's frustrating. I am with Interactive Investor and the "book value" is free text so one can reflect original monies paid (which I used when I transferred in from Fidelity).
In the case of an transfer in, book value will be the value of the holding at time of transfer but this can then be changed to the real cost of the holding. The profit is shown as difference between book and market value.

[Itsallaguess]

I have recently switched total monies out of two funds which both had profits in them.

I have now bought into 2 new funds with the monies however the valuation doesn't actually show the amount of profit within each new fund one as the cost of purchase would be the amount I paid in the original fund. So within the new fund are my gains but the valuation treats it as all new money with no gains shown on day 1. The platform I use is Fidelity however I have been using Trustnet as it gives me a much clearer valuation than Fidelity as it allows you to insert the real cost of purchase and keep the profit separate despite switching funds.

I do hope I have explained this clearly and am I making the right assumptions regarding the gains/profit.

Some brokers will allow you to change the book cost of holdings, so if this isn't manually possible via the account itself, then I'd suggest giving Fidelity a ring and discussing this issue with them.

They can be contacted a number of different ways - https://www.fidelity.co.uk/contact/

The situation crops up quite a lot where investors transfer holdings from one broker to another, and they appreciate that people will often prefer to carry over the original 'book cost' from the previous broker, so this is a common issue for them usually, and I'm sure they will be happy to help you out. It will assist the conversation you have with them if you have all your figures available before you call, in terms of what you are wanting each book-cost to be...

Another alternative, if it suits you, might be to track things like this externally in a spreadsheet. If this is something that interest you then I posted a while ago on how you can use Excel to retrieve live fund prices automatically from the internet, and this process could then be used to help you build a standalone fund-portfolio tracking tool.

The thread is here if you're interested, and if you've got any questions regarding it then it would be best to ask them on that thread -

https://www.lemonfool.co.uk/viewtopic.php?f=27&t=19975



Cheers,

Itsallaguess

[NoBidNoOffer]

Many thanks for the replies both very helpful.