Oct
20
Fuss Protege Gaffney’s Bond Fund Loses 10% as Value Bets Go Awry
By-
Eaton Vance bond manager hurt by slump in energy, currencies
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She vows to stick with her strategy despite decline in 2015
Kathleen Gaffney made a big bet last fall on what looked like bargains — everything from oil and metal companies to emerging-market bonds.
So far it’s been a disaster. Gaffney’s $1.2 billion Eaton Vance Bond Fund lost 10 percent this year through Oct. 16, making it the worst-performing U.S. bond fund with at least $1 billion, according to data compiled by Bloomberg. Gaffney, who started the fund in January 2013 after 15 years as co-manager with Loomis Sayles bond star Dan Fuss, had gotten off to a great start, beating 99 percent of peers in her first 18 months, including her old boss…
Fuss Protege Gaffney’s Bond Fund Loses 10% as Value Bets Go Awry
