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The global currency fund (ICPHX) was interesting. It has been managed by Hassenstab (TBGAX) since 2001. Until mid 2016 it was known as Franklin Hard Currency Fund.
That fund was designed as a hedge against a falling dollar. Which explains why, between 2011 and the end of 2015 its AUM dropped from around $700M to around $100M. Per Oct 31, 2015 annual report.
So the fund was opened up to going both long and short against the dollar, and the fund changed its name. ISTM it became a way to access Hassentab's currency plays without the interest rate risk exposure of his bond funds. But at a high cost (ER).
AUM continued to slide, now at $35M. So it's no surprise that this fund is being closed. All in all, a most unusual fund.
Comments
https://www.mutualfundobserver.com/2016/04/april-1-2016/
https://www.sec.gov/Archives/edgar/data/780379/000078037916000045/thcfdefinitiveproxystatement.htm
That fund was designed as a hedge against a falling dollar. Which explains why, between 2011 and the end of 2015 its AUM dropped from around $700M to around $100M. Per Oct 31, 2015 annual report.
The dollar was soaring over this period.
U.S. Dollar Index - 43 Year Historical Chart
So the fund was opened up to going both long and short against the dollar, and the fund changed its name. ISTM it became a way to access Hassentab's currency plays without the interest rate risk exposure of his bond funds. But at a high cost (ER).
AUM continued to slide, now at $35M. So it's no surprise that this fund is being closed. All in all, a most unusual fund.