Standard Life Aberdeen’s Global Absolute Return Strategies Hit

Standard Life Aberdeen’s (SLA) Global Absolute Return Strategies (CARS), was once Europe’s largest mutual fund, have plummeted by 78% from a high of €60bn to €13.2bn in just three-and-a-half years.

The UK version of the fund is up 2.9% this year, compared with a loss of 6% per cent last year, according to Morningstar. Its target, however, is Libor plus 5%.

The last time CARS was on target was 2015.  A lot of people rushed in but subsequent returns have disappointed.

SLA hired Aymeric Forest, a Schroders Stalwart, to take over the running of the fund from Guy Stern, who has retired.

Reference:

Financial Times, Attracta Mooney, 2019-06-29, “Assets Plummet at What was Once Europe’s Largest Mutual Fund”