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Fund Spy

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 (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.