Spain’s Magallanes Value Investors has announced it is hard-closing its Spain-domiciled Magallanes Iberian Equity fund after having reached €500m in assets under management.
The closure is in line with the fund’s prospectus that said that once the fund reached €250m in assets under management, participants would not be allowed to make any subscription and each new participant would be entitled to maintain just a single share of the fund in the event of reimbursements resulting in a 5% decline of the fund’s AUM in a period equal to or less than 10 days.
Magallanes has also announced it will soft-close its Luxembourg-domiciled Sicav Magallanes Value Investors Ucits Iberian Equity on the 31 of July, enabling its shareholders to continue investing if they want.
The closure of Magallanes’ Iberian Equity fund seeks to protect capital and generate long term superior market returns, the company says.
The Magallanes Iberian Equity fund is a mutual strategy that invests in a portfolio of equity securities of companies domiciled in Spain and Portugal, but may include securities listed in other OECD countries.