Vanguard loses $1 million in short sales
Vanguard loses $1 million in short sales"
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A Vanguard Group mutual fund lost about $1 million in April while engaged in short-selling, a technique that is rarely used in the fund industry. The short sales by the Vanguard Horizon Fund
Capital Opportunity Portfolio represented a bet that technology stocks would fall. Tech stocks rose instead, forcing the fund’s outside advisor, Husic Capital Management, to terminate the
short sales at a loss, according to a Vanguard shareholder report filed with the Securities and Exchange Commission. Vanguard replaced Husic after the capital opportunity portfolio recorded
a 3% loss for the year ended Oct. 31, 1997, compared with a total return of 24.9% for an index of similar aggressive growth funds. While the short-sale losses accounted for only a fraction
of the fund’s underperformance, Chairman John C. Bogle sounded less than pleased with the practice. “It did not work out well at all,” he said. MORE TO READ
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