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Strategic Global Income Fund - Underperformers And Funny At That

They published a press release about their "outperformance"

Several items jump out at me as being funny:

1. "Greece also successfully restructured its debt with relatively little drama." Really guys? Really?

2. "For the first quarter of 2012, the Fund posted a net asset value total return of 2.23%" I don't know exactly how they worked out their benchmark, but they exceeded it. The S&P 500 was up 12.8% during those three months, so I'd have to say they pretty badly underperformed.

To be fair to the advisors, this is an income fund and not a growth fund, so the comparison to the S&P might not be 100% appropriate. On the other hand, they're a global fund and they feel that there are countries outside the United States where there are better opportunities, so why didn't they beat the S&P 500?

Perhaps most tellingly, the people running the fund declined to put their names on this self congratulatory press release. If I underperformed the market by 10% over the last quarter, I wouldn't sign my name on a letter to my investors either.

If I was in this fund, I'd really be asking myself why.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.