The team behind Standard Life Investments' £26.8bn Global Absolute Return Strategies (GARS) fund has said it was "caught off guard" by the UK's decision to leave the EU, costing the portfolio 3% in performance terms during June.
In an investor update from head of multi-asset Guy Stern, the manager said the surprise Brexit vote hurt the portfolio during the second quarter. The fund lost 1.1% during the period, compared to near...
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