Josh Fink’s wild ride

By Rob Copeland

Thu May 31, 2012

How far flung bets scuttled Enso’s post-crisis resurgence.

Josh Fink speaking at the 2011 AR Symposium.

By Rob Copeland

His father may be one of the country’s most successful money managers, but that hasn’t helped Josh Fink beat the markets.

Enso Global Fund, managed by the son of BlackRock chairman Larry Fink, suffered a disastrous 2011, hurt by ill-timed concentrated positions in various natural resources stocks, according to investor documents obtained by AR. The losses have continued this year; Enso is down more than 7% through the end of April, a period when 76% of global equity funds in the AR database turned a profit.

Enso plunged 60.5% in 2011, its worst annual performance since inception, and dramatically worse than the 4.70% median drop for the AR Global Equity Index. Investors who entered Enso at its July 2002 launch would by now have earned a net annualized return of about 2.7%. During the same period, the...

ISSN: 2151-1845 / CDC10004H

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