Dalton hard-closes $600m European Absolute Return fund

Dalton Strategic Partnership has hard-closed its Melchior Selected Trust European Absolute Return fund managed by Leonard Charlton, after hitting $600 million in size.

The Ucits compliant European equity long/short fund, launched in 2010, was soft-closed to new investors in early June, after the fund hit $500 million. The firm said since then the fund has seen significant inflows from existing investors of over $100 million.

Magnus Spence, managing partner at the firm, said: ‘The decision to hard close the fund has been taken in order to ensure that investment performance is not negatively impacted by further inflows of assets.’

The fund is part of a range of absolute return offerings in the Melchior Selected Trust range, including the Global Active fund, Global Balanced, Global Conservative, Asian Global Active, and Asian Global Balanced fund.

The European Absolute Return fund returned 8.67% over three years to the end of May versus the Stoxx Europe 50 index, which returned which returned 13.54%, according to Lipper.