Launches & Closures

Fauchier shuts London listed trust as NAV discounts continue to widen persistently

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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 the last practicable