The actions of the United States Federal Reserve are impacting one of the largest funds operated by the locally based Fortress Fund Managers.In its latest quarterly report on the performance of the three funds in its portfolio for the period ending September 30, 2022, Fortress said its Caribbean Growth Fund registered an 8.6 per cent decline for the third quarter when compared to the same period in 2021.The net assets of the fund stood at $565 million for the period, down from the $629 million for this time last year, while the compound rate of return since the fund’s inception in 1996, stood at 7.6 per cent per year.Indicating that though the portfolio of the Caribbean Growth Fund remained diversified by currency, geography and security, the fund ended with a sharp selloff, as inflation rose and central banks around the world took action including the US Federal Reserve, which raised interest rates twice.
