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BNY Mellon soft-closes two star absolute return funds

BNY Mellon soft-closes two star absolute return funds

BNY Mellon has confirmed that it is to restrict flows into its Absolute Insight Equity Market Neutral and BNY Mellon Absolute Return Equity funds.

The two funds are managed by Citywire AAA-rated Andy Cawker (pictured) of Insight, whose team currently manages £2.6 billion.

BNY Mellon stated: ‘The decision to limit inflows and control the capacity of the funds has been taken to protect existing investors’ interests. This proactive step aims to retain the investment team’s flexibility to meet the funds’ investment objectives and performance aims.’

The Citywire Selection Absolute Insight Equity Market Neutral fund has returned 14.1% over the past three years, compared with an average of 9.7% from its Citywire Alternative Ucits Market Neutral category. It also boasts the best Sharpe ratio and drawdown numbers among its peer group.

BNY Mellon Absolute Return Equity has returned 15.6% through the same time period, against an average of 28.3% from its Alternative Ucits Long/Short Equity sector.

‘Insight has long been committed to providing absolute return strategies with the rigour and discipline of institutional investment processes and governance,’ commented Abdallah Nauphal, chief executive of Insight Investment.

‘Our ability to deliver on performance objectives has always been and will remain our primary concern. With that in mind, we are constantly evaluating the Absolute Insight range and will continue to evolve compelling investment solutions.’

Matt Oomen, head of intermediary distribution for Europe, the Middle East and Africa at BNY Mellon, added: ‘We will always base our decision-making process around managing products with the interests of our existing investors at the forefront.’

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Andrew Cawker
Andrew Cawker
3/11 in Alternative UCITS - Market Neutral (Performance over 3 years) Average Total Return: 10.66%
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