For most of this year, fund managers stuck holding shares in Corporate Travel have been slashing the value of their positions in the travel services giant after an accounting scandal prevented the stock from trading for more than 12 months.
Bennelong Australian Equity Partners – one of Corporate Travel’s biggest shareholders – was among the chorus of high-profile fund managers that reduced the value of its stake multiple times before finally writing down the position to zero, a process which hammered returns across its equity funds.
Gift articles to anyone you choose each month when you subscribe.
