No, because it's still within the fund, which has it's own unit price based on the collection of stocks it has inside it. You're buying the unit, and the difference in the price of the units is what you pay CGT on, if you withdraw from that fund. If you'd personally switched from an equity fund (or any fund) to another fund, then there's a CGT event, as you've triggered a sale or switch between 2 different funds. Important note: This was a fund (unit trust) that has a flexible mandate, IE they can invest any % of their funds in any sector, and aren't tied by a fixed mandate, like, say, an Equity Fund or a Bond fund. With unit trusts, the manager can decide to disinvest from one co and invest in another, and it doesn't affect you because it's all happening within the unit trust itself, and won't affect the underlying unit price.
