Obama’s Cuba Policy Shift Lost on Mutual Fund’s Investors

President Barack Obama’s shift in U.S.-Cuba relations has failed to bring a sustained payoff for the Herzfeld Caribbean Basin Fund, one of the only ways for investors to bet on closer ties between the countries. As the chart shows, shares of the closed-end mutual fund surged in December 2014 after Obama said he would end a diplomatic embargo against Cuba. They fell 47 percent from their high through last week, and traded in January at the lowest price since April 2009.