This Prominent Fund's Struggles Don't Doom the Category
The problems at Marketfield aren't a microcosm of the liquid alts industry at large.
A little more than two years ago, I wrote a Fund Spy called "A Red Giant Engulfs the Long-Short Category." The red giant in question was the MainStay Marketfield fund, whose "supernova-like asset growth" had resulted in $13.4 billion in new assets in 2013 and a peak of more than $20 billion in assets under management, up from a mere $35 million in assets at the end of 2008.
Over the past two years, things have changed radically for the erstwhile liquid alternatives poster child. To put it mildly, the red giant has run into a serious gravitational force.
Josh Charlson does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process.