Fauchier Partners, a London-based fund of funds with $6.3
billion under management, has decided to shut the Absolute
Return Trust Limited, as discounts to the net asset value have
doubled since inception. The closed-ended investment company
structured as a FoHF was launched in February 2005 and its
shares are listed on the London Stock Exchange.
Notwithstanding an annualised compound increase in the net
asset value per sterling share of some 4% since inception, the
discount to NAV at which the company’s shares
trade has steadily widened over recent years. As at...