Cromwell’s fund reaches capacity
Cromwell Funds Management has announced that its Phoenix Opportunities Fund has closed to further investments to “remain nimble in the market”.
The fund, which is benchmark-unaware and invests in listed companies outside the ASX 300, said it reached its self-imposed cap of $40 million.
It returned 22.3 per cent per annum since inception in 2011 after fees and costs as at 31 December 2017.
Cromwell’s head of retail funds management, Hamish Wehl said: “The fund attracted inflows from retail investors seeking exposure to quality companies outside the main ASX indices.
“The investment team is highly skilled in analysing companies and finding hidden value.
“The fund’s capacity constraint allows the Phoenix Portfolios investment team to remain nimble in the market and maintain its strategic advantage over competitors,” he said.
Recommended for you
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.
AllianceBernstein has announced its chief investment officer and Australian equity manager Roy Maslen is to step down from the firm at the end of the year.
Pinnacle Investment Management has announced it plans to launch a new affiliate from a global equities team departing Royal London Asset Management.
Asset manager Nuveen is seeing opportunity in municipal bonds which are at their highest yields in over a decade.
