FYI: The only question left for manager David Winters when it was announced recently that he will close his Wintergreen Fund was “What took you so long?”
The fund is dead last in its Morningstar asset category over the last three and five years, but also the last three months. It is within smelling distance of the bottom thus far in 2019, for the last 12 months and stretched over 10 years, when it lagged the typical “world stock fund” by an average of more than 4 percentage points per annum.
Winters is the latest mutual-fund tale of a winner turned loser, a highflying manager who could do no wrong turned into a fallen angel by market and marketing forces, the kind of cautionary tale that all investors should remember the next time they’re thinking of wishing on a management star.
It wasn’t supposed to be this way for Winters. He cut his teeth working with famed value investor Michael Price on the Mutual Series funds, breaking away to start his own company in 2005, eschewing the lucrative, lightly regulated hedge-fund world for the chance to build his own legacy in the active-management business.
Regards,
Ted
https://www.seattletimes.com/business/investors-seeking-hot-results-suffered-a-long-cold-wintergreen/
