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.