|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,