Hyperion closes small-cap fund to new investors
Australian equities manager, Hyperion Asset Management says it will close its small-cap fund to new investment on 31 May to "safeguard future investment performance".
Hyperion managing director, Tim Samway, said the Hyperion Small Growth Companies Fund made the "difficult decision" as it did not want to top up portfolios with "low quality stocks" to grow assets under management.
He said closing assets under management below capacity would allow ample headroom for continued strong out-performance.
As of 1 June 2016, distributions will be paid in cash, reinvestments will not be possible, regular savings/investments into the fund will ceased, but redemptions would be processed, he said.
According to Money Management's Investment Centre, the Hyperion Small Growth Companies Fund produced 29.77 per cent in 2015, while this year its annualised performance was 11.02 per cent.
The Investment Centre also highlighted that the fund had about $479 million in assets under management (as at 30 April 2016).
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