Kames Capital calls time on Alt Ucits fund

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Kames Capital has closed the Global Opportunities fund run by Olaf van den Heuvel following a strategic review into its offshore fund range.

The fund sat within the Citywire Alternative Ucits Global Macro sector and had the ability to invest long and ‘synthetic’ short positions across a host of asset classes.

Van den Heuvel had run the Dublin-domiciled fund since its launch in December 2009 and will now move back to a role within the company’s multi-asset group.

A spokesperson for Kames Capital told Citywire Global: ‘This move follows a wider review into the offshore fund range and we decided to close this fund as part of these discussions.’

It is understood the fund had around €7 million assets when it was formally closed at the end of April. At the time of closure, 29% of the fund had been invested in two-year US treasury notes.

The Kames Capital Global Opportunities fund lost 20.73% in euro terms over the three years to the end of March. The average manager in the Citywire Alternative Ucits Global Macro fund returned 1.08% over the same period.