How to Lose 33 Percent in Eight Months

The manager of a European equity fund drastically changed its net exposure several times throughout the year, ending up on the wrong side of the market more often than not.

Back in December, Stephen Roberts was feeling quite confident about the markets.

Not only had he positioned his Horseman European Select Fund portfolio to run roughly 107 percent net long, Roberts told clients he was using a recent sell-off in emerging markets and commodities to add about 20 percent to his personal position in the strategy.

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