Contango shareholders approve WCM strategy change
The Contango Income Generator fund will become a global long/short fund after its shareholders approved the implementation of a new strategy.
The new strategy, which would be implemented immediately, would be run by California-based WCM Investment Management which runs over $85 billion in assets under management.
Some 68% of shareholders by number voted in favour of the change, which Contango said was a “very strong endorsement” for the change.
The WCM Quality Global Growth Long Short fund had returned 23.5% per annum since its inception in June 2014, compared to returns of 11.9% by its MSCI ACWI benchmark.
“The board’s key objectives remain to improve investor returns, address the share price discount to NTA and generate distributable profits over time.
“The board believes the appointment of WCM is a very positive outcome for the company.”
AUTHOR
Laura Dew
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