VGI Partners’ website was hijacked by essay-writing software spruikers.
“I won’t be on the board. I won’t be having any management role,” VGI Partners executive chairman’s Regal Funds Management.
“I’ll be purely focused on money management, so that’s a very substantial improvement for me,” Luciano added.It’d also be a substantial improvement for unitholders, given the negative 28 per cent return of the VGI global strategy over the last 12 months. The MSCI World Total Return Index , by the by, has declined 4.8 per cent. VGI’s Asian funds strategy was down 20 per cent.
From inception, listed vehicles VG1 and VG8 have returned 0.9 per cent and negative 2 per cent per annum, respectively, a mockery of VGI’s stated 10-15 per cent return target. Like other doyens of Australia’s stock-picking aristocracy, Luciano has largely deferred any commitment to picking stocks, increasing the allocation to cash in VGI’s global strategy from 11 per cent to 54 per cent over the last year. Not evenBut the miserable performance has been no obstacle to feathering Luciano’s nest, siphoning close to $100 million out of the company during its lifetime.
Shareholders, meanwhile, are being rushed to the laughing academy, nursing total returns of negative 36 per cent over the last year. Is it any wonder why funds under management cratered from $3.2 billion in March 2021 to $2 billion within 12 months.David Kingston
Australia Latest News, Australia Headlines
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