The £107 million BlackRock New Energy investment trust is to liquidate later this month.
Investors had been offered the choice of redeeming their shares or transferring them into BlackRock’s open-ended New Energy fund.
However, investors opted to transfer less than the minimum threshold of £5 million into the open-ended fund and so the entire trust will be wound up this month.
Managed by Poppy Allonby and Robin Batchelor (pictured), the New Energy trust has returned 13.8% over the past three years compared with an average of 15.1% from its AIC sector peer group. The £860 million open-ended equivalent has delivered 3.1% through the same period, while the MSCI World index has gained 38.6%.
‘For investors seeking an alternative to BlackRock New Energy, we believe that the most obvious alternative within the closed-end fund sector is Impax Environmental Markets,’ commented Charles Cade, head of investment companies research at Numis Securities.
The Impax trust holds £372 million of assets, and under manager Bruce Jenkyn-Jones has returned 19.3% over the past three years. Its mandate is wider than New Energy’s, incorporating waste, water and pollution control businesses as well as energy.