Hedge Funds

Fund Profile: Tortoise closes to new investors after racing to $550m


Investment boutique Majedie Asset Management has closed its UK long/short UCITS fund to new investors after attracting $550 million of flows since launch.

The Tortoise Fund is described by Rob Harris, the managing director of London-based Majedie, as an ‘old fashioned hedge fund’ because its gross positions are modest and it achieves its alpha through stock picking not via leverage. The Irish-domiciled fund is managed by Matthew Smith and Chris Reid and is currently 41% invested internationally but can invest up to 45% outside the UK.

Rob Harris from London-based Majedie

He says: “The aim of