BlackRock has closed a fund that was launched just two years ago for Evy Hambro (pictured) after it failed to attract sufficient assets.
The BlackRock Mining Opportunities fund opened in 2012and targeted small and mid-cap miners. BlackRock confirmed the fund had recently suffered ‘large redemptions’ and shrunk below £1 million. The firm stated that this had left it uneconomic to manage.
Under Citywire + rated Hambro and co-manager Tom Holl, the Mining Opportunities fund lost 12.3% while the HSBC Global Mining index dropped 13.2% over the past year.
The fund had participated strongly in the mining recovery since the start of the year, returning 11.5% through January and February, ahead of the benchmark’s 3.7%.
The share price of its top holding, US gold specialist Romarco Minerals, has also more than doubled so far this year.