Early this year, Franklin Templeton launched its Multi-Asset Real Return Fund, which includes investments in two non-public Pelagos funds.

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As it happens, this nine-year-old fund has averaged a real annual return of 0.34%.

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However, a recently proposed merger with a sister fund, the DCA Total Return Fund ( DCA), aims to change the investment focus away from the real estate sector.

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In 2012, his Real Estate Recovery Fund was one of the few of his funds to achieve a gain, with a 20% return for the year.

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