The fund will terminate on 28 December this year with all dealing suspended from Friday (1 December) onwards, Polar said in an announcement on Tuesday morning.
The revelation follows Monday’s announcement that the fund house is also set to close its Emerging Market Growth Fund this December, marking the second closure in just two days.
The Global Alpha Fund, first launched almost five years ago in November 2012, will begin to wind down this week, with all shareholders invited to submit redemption requests.
Polar has assured shareholders that it will pay out cash proceeds from the sale of the funds’ assets early if it receives all redemption requests before 28 December.
"Performance in the year to date has lagged, underperforming the sector by 2.25% in the year to date..."
“During the period of suspension the fund’s investments, all being liquid, will be moved to cash to facilitate redemption payments to shareholders once all remaining investor redemption requests have been received or as of the termination date whichever date comes first,” the firm said in a notice.
Both funds are relatively small, with the EM Growth fund holding $72m (£54m, €60m) assets under management (AUM) and the Global Alpha fund holding $143.9m.
The former has lagged its peer group in terms of performance over the last five years, but the Global Alpha fund has managed decent returns, rising 44.96% over the last three years as opposed to the IA Global Sector average of 42.06%.
However, performance in the year-to-date has lagged, underperforming the sector by 2.25%.
Polar Capital had been approached for comment at the time of writing.
