First State Investments has closed its Global Agribusiness fund, after assets under management fell to £9.6m.
The fund had AUM of around £51m at its peak in 2013, but these fell to below £20m last year and to £9.6m in February this year.
Co-managed by Renzo Casarotto and Mario Maia, the fund will close on 1 May.
A group spokesperson confirmed the closure, and said: “This action has no impact on the Global Resources (core mining and energy) equities strategy and underlying fund, the First State Global Resources fund.
“This strategy continues to be managed by one of the sector’s longest-standing natural resources teams, led by Dr Joanne Warner and supported by Todd Warren, Tal Lomnitzer and Mark Hume.”
According to FE Trustnet, the commodities-focused Global Agribusiness fund has lost investors 11.7% over the last three years to 7 March, underperforming the average IA Global sector return of 16.7% for the same period.
[Source:- Investmentweek]
