Guess They Forgot to Tell Investors What to Have as Expectations
The world of finance has a lot of very highly paid investment managers who lose a very large amount of money. The Financial Times has identified a Black Rock currency fund as the top loser.
”A BlackRock fund that aims to reduce currency risk for clients investing with sterling was named as the worst-performing fund globally last year. It lost 43.9 per cent in 2016 and was hit by the
Wow, surely Black Rock was pretty apologetic.
“A spokesperson for BlackRock said its sterling fund was aimed at institutional investors and typically held as part of a wider portfolio. “Given the steep fall in sterling last year, the 2016 fund return was in line with both performance expectations and the benchmark.”
Well, maybe not. But not to worry, we are sure the fund managers got their seven figure salaries and probably a nice bonus. At these funds failure is not an option, or even a possibility. After all they did not lose 50%. And to lose 44% when the pound lost less than 20%, well pretty impressive deserving of accolades.