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The bottom is full of gold mining and resource funds, the worst being Junior Gold, which has lost 65 per cent.
"In addition," he says, "many of these global resource funds invest in developed-market companies whose operations are based in frontier markets".
A multilateral approach could involve the World Bank and the International Monetary Fund, which could push countries to publish the details of contracts and to set up resource funds.
One good alternative fund class is the natural resource funds.
Gold funds, off 6%, and natural resource funds, off 9%, took some of the worst punishment.
To protect against inflation, he's going for domestic and international real estate, natural resource funds and currency exposure.
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We have a resource fund which, of course, has stuff in the ground.
Maintaining resource funding in cash terms continues the real-terms decline but the restoration of capital funding is genuinely good news.
For two decades he has managed a Canada-focused resource fund, and ten years ago he took the helm of Ivy Global Natural Resources.
In March, Credit Suisse Private Banking, a unit of Zurich-based Credit Suisse Group, posted details of 100 Credit Suisse-managed mutual funds on its new Web-based information resource, Fund Lab (www.fundlab.com).
Energy-related stocks make up more than half of the average resource fund, and those with the biggest stakes such as Vanguard Energy, a Forbes Best Buy –have done best.
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CEO of Professional Science Editing for Scientists @ prosciediting.com