Managed funds are classed as listed and unlisted. Listed funds are traded on the stockmarket. Supply and demand determines their value. Listed funds are usually closed, with a certain number of units issued.
Unlisted funds can be either closed or open. Open funds have new units issued depending on the demand for them. A new prospectus is issued each six months. They are valued daily or weekly by the fund manager. Dividing the current value plus selling or buying costs by the number of units issued, is the way their value is calculated. The prospectus will tell you how quickly you can access your money by selling your units. Always read all the fine print carefully before investing in what you think may be the best managed funds.
Some managed funds don’t make money for their investors. Don't forget you have to pay the fund manager a percentage of your profit. A fund manager needs to be someone who is thoroughly trustworthy, but even people of integrity can make mistakes and this would be a great concern if you had self managed superannuation funds.
Another thing that may concern you is that you have no control over where your money is invested. For instance you may be dead against gambling and so would not want your money invested in a gambling casino. To prevent this, you need to choose carefully from the prospectus before joining up.