IMAGINE two people who both started unit trust investments in the same equity fund at the beginning of last year. One opts for a regular savings plan with payments into the fund spread out over the year. The other makes a one-off lump-sum investment. Market falls set both investors back, but the regular savings plan outperforms the one-off purchase. The moral of the story is simple. Investing units in your mutual fund over time ensures an average purchase price and reduces the chance of buying when unit prices are high. The rationale behind regular savings plans is called dollar-cost averaging and most fund-management companies in Hong Kong have locked into the growing demand for smaller, but regular unit trust investments. Templeton is the latest company to launch a regular savings plan and is offering a choice of the 19 funds that make up the umbrella Templeton Global Strategy Fund which has a minimum monthly investment of $1,000. Stewart Aldcroft, marketing and sales director at Templeton, said the regular savings package was designed to give investors the opportunity to build up money over a long time. As an incentive, six of the 19 funds do not have a front end load - a sales charge that is normally deducted from the fund at the time of purchase. Instead, the six funds have a scale of charges with redemptions in the first year costing four per cent and decreasing by one percentage point each year so that after five years investors face no further charges. The other 12 funds will have a front-end load of between 3.5 and 5.5 per cent. Mr Aldcroft said most investors would choose two or three funds to invest in.