The Luxembourg domiciled Sicav, managed by veteran commodities manager Ian Henderson, was closed to new investors on 10 December although existing investors will still be able to invest.
In a statement, JPMAM said the fund had attracted a “large amount of assets under management” and, “although the fund is still not at a point where it can no longer pursue its stated investment strategy, the portfolio management team have noted that, if the fund continues to grow, that may be the case.”
JPMAM added that in order for the fund to continue to meet its objectives and protect the interest of existing investors, it had taken the decision to soft close the fund.
According to TrustNet, the fund has returned 46% and 39% over one and three years respectively, compared with an IMA Specialist sector average of 16% and 14%.
