The Hardest Hit Active Managed Funds

These funds illustrate the importance of knowing how a manager is generating performance.

Christopher J. Traulsen, CFA 4 November, 2008 | 11:44AM
As we've noted previously, Active Managed funds appear not to have been terribly diligent in their efforts to protect shareholder capital, despite the IMA's sector definition permitting them wide leeway in their exposure to equities. That said, some funds have fared considerably worse than others thus far in 2008. This week, we'll take a closer look at the group's cellar dwellers, including some very prominent funds, and assess what went wrong.

By far the worst hit of the bunch is Neptune Global Alpha. This fund, run by Neptune founder Robin Geffen, is down 49.66% for the year to date through 27 October. The problems are very clear. First, Geffen devoted roughly 68% of equities to emerging markets

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About Author

Christopher J. Traulsen, CFA  is director of fund research, Europe and Asia, Morningstar.

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