Paris-based asset manager La Financière de l’Echiquier has announced subscription conditions of the Echiquier Entrepreneurs fund, focused on European small caps, will change as from 1 March 2017.
As the fund size has reached €350m in assets on 10 February 2017 (AUM were €399.8m as of 20 February 2017), the manager has decided to apply a commission of 5% for any new subscription, including those coming from existent investors in the fund.
La Financière de l’Echiquier said the measure aims to ensure the best conditions for the management of the fund relying on stock-picking.
The firm added flexibility and liquidity management are key alpha drivers in the European small cap universe.
Launched in October 2013, Echiquier Entrepreneurs is co-managed by Stéphanie Bobtcheff, José
Berros and Guillaume Puech.
The 10 first positions of the fund as at end-January 2017 were Interxion, Guerbet, Wessanen, Com Hem, Nets, Show Room Prive, Addlife, Bang & Olufsen, Beneteau and Asos.
Echiquier Entrepreneurs has achieved annual returns of 18% since inception against 12.8% for its benchmark MSCI Europe Micro Cap NR (figures as of 31 January 2017).