View the article online at http://citywire.co.uk/wealth-manager/article/a731189
Corked: wine fund liquidates
by Robert St George on Jan 31, 2014 at 16:29
The Bordeaux Fund, an open-ended fund that invests in fine wine, is to wind up.
Andrew della Casa of Anpero Capital, the Bordeaux Fund’s wine adviser, told Wealth Manager that the fund had been hampered by the Unregulated Collective Investment Schemes regulations and had also suffered from costs dragging on performance.
The separate wine funds that Anpero Capital advises are not affected, della Casa noted.
Since its launch in 2008, the Bordeaux Fund has lost 58%. Wine investments have suffered particularly in recent months due to the strong pound, which has deterred overseas buyers from UK sellers, and from a supply glut while another wine fund, Nobles Crus, liquidates.
The most expensive holding in the fund is a bottle of Château Margaux, bought for £440,000. In total the fund’s portfolio is worth £2.1 million.
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