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Market Update

Warburg Pincus Major Foreign Markets Loses Value Voice

Future here is unclear.

The management team at Warburg Pincus Major Foreign Markets  lost its value champion this fall. Harry Ehrlich left to start a hedge fund in late September. 

The portfolio looks a bit different without himùthe remaining managers have dropped a few names, including NH Hotels. But they're certainly not knocking his value orientation. In fact, in recent months, they've cut their exposure to fast-growing tech and telecom firms, while increasing the fund's exposure to more value-oriented sectors, such as financials. For example, they recently bought Deutsche Bank , despite that stock's short-term hardship. 

This hasn't solved the fund's performance difficulties, though. In fact, it has lost more than 18% for the year to date through December 16, 2000. 

Want to know why? Premium users can  click here to read the latest Morningstar Take.

Gabriel Presler does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.