Marketfield Fund

Chasing Fund Returns is a Very, Very Bad Idea

How does a fund earn over $500 million in management fees yet lose over $1 billion for investors since inception? No, sorry.  It’s not a hedge fund.  It’s a mutual fund:  the Marketfield Fund, arguably the poster child for returns chasing in the liquid alts space. Here’s the background. The Marketfield Fund was launched in July 2007 and outperformed the S&P 500 by a cumulative 34.5% during the crisis. As one of a handful of long/short mutual funds, it stood to benefit from the rise of liquid alts in the years following the crisis. From mid-2008 through the end of …

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