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This year through Thursday, the REIT composite index compiled by the trade association had a negative return of 11.39 percent.
The fund's value shrank by $15 billion in the first quarter, despite new cash transfers, as its stock holdings had a negative return of 12.7percentt amid a global sell-off.
The S&P 500 had a negative return of 12% in 2001, and of the 374 domestic stock funds recently surveyed in Forbes magazine (Feb. 4, 2002) a total of 298 had negative returns for the period.
An unqualified failure was its 1996 purchase of shares in Valeo, Europe's largest auto parts maker, which Jousseaume estimates has had a negative return of 5% (ending in January 2003).
The stock market has had its bright moments in the first half of the year, but as the first half of the year drew to a close, the S&P 500 had a negative return of 14%.
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Over the last five years the fund has a negative return of 3.7% (annualized), but this return was hurt by the fund's expense charge of $1.54 for every $100 of assets (the average foreign fund charges $1.51).
Many other policy responses would have a negative return on investment.
In rolling 12-month periods from 1968 to 2005 when the market had a negative return, the lowest-volatility fifth of the Standard & Poor's 500 lost an average of 9.3 percent, compared with a 14 percent loss for the overall index, according to Analytic Investors.
Only one, Hertz, had a negative return.
Investors who bought the stock in the late '90s have received a negative return of about 40percentt.
The former high-flier's shares have earned a negative return of around 55 percent since the start of 2001.
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