How well did the fund perform at the outset? Wednesday 24th January 2018

During the first four years, our performance was disappointing due to an underweight position in money market securities after the tech bubble burst. We had not considered the duration of their returns. We had actually bought three-month securities, but we needed to invest ten times more. In order to get protection, we realized you needed to buy the entire five year strip. We readjusted our model and our performance improved.


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