A common type of investment used by financial advisers. You are sold units in the fund along with
many other investors. The fund manager invests your money in accordance with a set of investment
objectives and the unit price (like a share price) changes frequently depending upon the performance
of the fund. You receive either income (distributions) or capital growth (losses) through an increase (or
decrease) of the unit price in accordance with how many units you own. There are a range of
managed fund options each investing in different ways. Also called investment trusts, managed funds
can be either superannuation or non-superannuation.