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.