NBC News: STRS Ohio loses millions when Infinity Q collapses; Rudy Fichtenbaum quoted

NBC News

September 5, 2021

What's in your mutual fund? The collapse of Infinity Q is a warning to investors

Quotes from the article, which may be read here. 

Many holders are retail investors; accounts at Charles Schwab held 52 percent of the mutual fund's shares, according to an SEC filing from a year ago. Unlucky institutions were also investors. The State Teachers Retirement System of Ohio, a $95 billion fund, held a $53 million investment in an Infinity Q hedge fund as of January, its spokesman said by email.

Rudy Fichtenbaum, a newly elected trustee of the Ohio teachers' pension fund, said it appears to have lost $22 million in Infinity Q. "The problem with these illiquid private investments is the opaqueness which removes pension boards from exercising the appropriate level of oversight," he said. "I don't know who's equipped to vet these things, but I don't think these kinds of investments are where pensions want to be."

https://www.nbcnews.com/business/business-news/what-s-your-mutual-fund-collapse-infinity-q-warning-investors-n1277740