Fund performance

“No one could have envisioned what this virus was going to do to the commercial real estate space,” an expert says.

The $217 billion alternative asset manager reported its biggest loss as a public company in the first quarter.

Investors may be put off by the costs associated with these funds, which had an average expense ratio of more than triple their peers.

Mass exodus from the market has forced managers to dump securities to raise cash, sending prices tumbling the most in at least four decades.

The leaders raked in a combined $949 billion over the past decade.

A “distribution bump” from the commission-free trading trend that took hold late last year may be behind the surge, analysts say.

The manager is still recovering from losses that started in 2015, when his main fund fell 20%, and deepened with a record 34% decline three years later.

The firm had a target of joining the "$1 trillion club." Instead, clients withdrew more than $157 billion from its 2017 merger to the end of last year.

The funds had posted gains over the past decade, but have suffered losses amid this year's coronavirus-driven volatility.

Almost all of the decline reflects performance-related losses rather than client withdrawals, according to a person familiar with the matter.