Magallanes hard-closes global equity fund

Eugenia Jiménez
clock • 1 min read

Magallanes Value Investors has hard-closed its Magallanes Microcaps Europe fund after reaching €100m in equity since inception one year ago.

The fund’s closure implies that once it reaches €100m in assets under management, each new participant could only maintain one share in the event of reimbursements resulting in a 10% decrease of the fund’s AUM in a period equal to or less than 10 days.

The existing participants will not be able to make subscriptions when AUM are above €100m.

“We proceed to close the Magallanes Microcaps Europe fund in the interests of defending the fund’s reason for being and profitability and consequently of its participants,” Magallanes said.

The Magallanes Microcaps Europe fund is a mutual fund actively managed that invests mainly in a portfolio of equity securities of companies domiciled in low and very low capitalisation European, but may include securities listed in other OECD countries.

The fund seeks to protect capital and generate long term superior market returns.