Current news for this fund:
BlueBay Emerging Market Total Return Fund - fixed income
2008-12-01
Count of distinct funds: 1
Capital base: $1.2B
Loss: 53% (in 2008)
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stories: finalternatives.com
This fund simply got hammered, with the sharp declines in NAV leaving it "not viable" as a standalone fund, according to BlueBay. From the above news release:
“We are operating, as has been the case for some time now, in extremely challenging credit market conditions,” CEO Hugh Willis said. “We remain focused, however, on the cyclical opportunity ahead and on our ability to capitalize on this.”
Meanwhile, the Emerging Market fund’s manager, Simon Treacher, has resigned after violating “internal valuation policy,” BlueBay said. The firm stressed that Treacher’s alleged unauthorized adjustments to the fund’s numbers had nothing to do with its failure.
The foul play appears to have been limited -- but we would love to see the details.
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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.