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View the article online at http://citywire.co.uk/wealth-manager/article/a726314

GAM to close inflation-focused fund

by Robert St George on Jan 07, 2014 at 10:44

GAM to close inflation-focused fund

The GAM Star Global Equity Inflation Focus fund is to close this month, Wealth Manager can reveal.

The fund, managed externally by US firm Manning & Napier Advisors, held more than £80 million at the end of 2012 but now contains less than £5 million.

Due to this small size, GAM will liquidate the fund on 17 January.

In 2013 the fund returned 9.9%, compared with 21.1% from its benchmark MSCI World index.

Launched in 2011, the fund’s objective was to invest in the companies best positioned to provide inflation protection without any sector, style or market cap bias.

Its top holding is currently Cameron International, which sells flow management systems to the oil and gas industry. The Texas-based group’s share price collapsed by 14% in a single day in October after it reported weak quarterly earnings.

GAM confirmed the fund's planned closure and declined to provide further comment.

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