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If investors in art funds fare poorly, Thea Westreich Wagner, founder of Thea Westreich Art Advisory Services in New York, would shed no tears.
They typically take a cut of investors' seed money and a share in any increase in the value of capital, netting huge sums for managers if their funds fare well.
How did sector funds fare in 2004?
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Stock funds fared much better.
DealBook » Large Hedge Funds Fared Well in 2011 | Hedge funds have endured a rough year.
"It was a fairly significant event, but the funds fared well".
Stock funds fared much better; the average portfolio that specializes in the domestic market rose 10.6 percent.
If the new funds did well, the private investors would share equally in the gains; if the funds fared badly, the government would assume most of the losses.
International funds fared better, up 4.8 percent, on average, with portfolios that focus on European stocks returning 7.4 percent and emerging-market funds rising 6.2 percent.
DealBook » Hedge Funds Point Fingers | After a year in which mutual funds fared better than hedge funds, prominent hedge fund managers have offered a variety of excuses for their less-than-stellar performance, Reuters writes.
In the three years through March, according to Morningstar Inc., Fidelity's international funds fared better, on average, than two-thirds of all international funds; in the three years ended in March 2000, Fidelity was beating fewer than 60percentt.
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