Lansdowne Financials Fund Down 4.5%

Mar 17 2010 | 1:32pm ET

Lansdowne Partners’ financials fund is off to a slow start this year.

The London-based fund “gave up” 3% in Feburary, the New York Post reports. The fund is down about 4.5% this year, the firm told investors in a letter. Most of the losses came from its emerging markets portfolio.

Lansdowne said the “dull” returns could last for some time.

The fund returned about 38% last year.

Lansdowne Partners was founded in 1998 and currently manages three fundamental equity strategies -- UK, European and the aforementioned global financials fund. It is one of the largest alternative asset managers in the UK.

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