The Dual Momentum Fund wound up by Meme
Greg Jude, founder of Meme Capital Management, has announced that the firm’s only publicly-available offering, The Dual Momentum Fund, was closed in June and would no longer be available for investment as it “failed to attract a critical mass of investor support.”
“It is with a great degree of sadness that we inform you today that the The Dual Momentum Fund has been closed,” Jude wrote in an email sent to journalists earlier this week.
According to Meme, since inception in July, 2013, the fund had provided a net return of 10.32 per cent per annum through investing in both Australian and global equity markets.
Jude explained that, according to him, the complexities of global equity markets and the uncertain outlook for the major economies had had an impact on investors’ appetite for risk and innovation and it would be “unlikely to change in the foreseeable future”.
“With these things considered, and a few external issues thrown in for good measure, we have had little option but to call time on what has been a wonderful and, in many ways, rewarding exercise in funds management,” he said.
Recommended for you
The Federal Court has issued its verdict in ASIC's first greenwashing case against Vanguard Investments Australia regarding the use of ESG exclusionary screens.
Investment managers who plan to implement artificial intelligence in the next five years expect to see increased productivity, but views are mixed on whether it will boost revenue and assets under management.
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Private markets expertise is sought-after for investment operations hires as allocations to alternative assets rise, according to a recruitment firm, but there is a gap between demand and supply.