New York, New York (PRWEB) September 06, 2013
Zamansky LLC announces that it is investigating the Goldman Sachs' Brazil, Russia, India and China (BRIC) Fund and other foreign funds over reported 2013 losses. The investigation concerns whether these losses were consistent with the funds' objectives and sales representations.
On June 24, 2013, Bloomberg reported in an article entitled "Best Emerging Market Stock Pickers Buy Drugmakers to Retailers," that the $328 million Goldman Sachs BRIC Fund had declined 18 percent for the biggest drop among 92 U.S.-domiciled emerging stock mutual funds with at least $100 million that it tracks.
According to its prospectus supplement filed with the SEC on June 30, 2013, the Goldman Sachs' BRIC Fund has "long-term capital appreciation" as its objective. Yet, the prospectus supplement reported that the BRIC Fund had experienced 82% turnover of its assets. According to investment fraud lawyer Jacob Zamansky, this level of turnover is not consistent with a long-term "buy and hold" strategy. If investors purchased the BRIC Fund with expectations that it would not engage in short-term trading, then this turnover is too high, Zamansky says, and the BRIC Fund did not meet their expectations.
What Investors Can Do
If you were an investor in the Goldman Sachs BRIC Fund or other foreign fund who suffered a loss and would like your situation reviewed or to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm specializing in securities arbitration and securities class actions. Our stock fraud attorneys represent both individual and institutional investors. Our stockbroker fraud practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
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New York, NY 10004
Jake Zamansky, 212-742-1414