I hope you got the meaning of "right" there right. some people don't.

well for me, I will just wait for it to grow, not just grow, but grow in tandem at the rate that is almost similar, similar or better than it peers of similar mandate over a period of let says...1 yr,....if the results is within the same as its peers, then I will monitor it for another year, else I will monitor it in another every 6 months......
if after 2yrs it is still not as good as it peers...I will decide the dump it off....not just for its performance but maybe for its volatility that is not my cup of tea.

you can use till to check.....
http://my.morningstar.com/ap/quickrank/default.aspx

btw, are you just buying 1 or 2 funds or setting up a whole portfolio?

Yes. Research a fund before buying. Moniter the fund every 6 months or every year. You got 2 choice. Lump sum. Or disperse the money slowly. Also, say if the fund have hit, say10% return, you can withdraw all/just the 10%.

There's no maturity as you can withdraw when you like.