The MainStay Marketfield Fund—which has the ability to invest in stocks, bonds, commodities and other asset classes based on broad macroeconomic views—has performed poorly this year. The New York Life-owned vehicle is down 3.03 percent for 2014 through June 19, the first time it has fallen in a calendar year since 2008.
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Aronstein acknowledged his fund's struggles this year.
"For whatever reason the first quarter of this year … had pretty weak economic statistics coming out of the United States," Aronstein said. "Because the market was set up with a lot of expectations of strength—including our own portfolio and I think including a lot of macro managers—the reversion during the first quarter was pretty violent."
The fund's top holdings among 135 securities as of March 31 were Bank of Ireland, Alcoa, Facebook, Fiat Industrial, Unicredit, Continental AG, iShares MSCI Mexico Investable Market Index Fund, BHP Billiton and BASF SE.
All of those bets have gained this year with the exception of Bank of Ireland and the Mexico index.
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—By CNBC's Lawrence Delevingne