GLG has confirmed the soft-closure of its highly performing Market Neutral fund, which is managed by Steve Roth.
The fund stated that it would ‘not accept any new subscriptions into the fund in order to limit further growth of the fund size, which has exceeded $1 billion’ (£610 million).
It continued: ‘This decision follows a recommendation from the investment manager, GLG Partners, that the fund has reached its optimal capacity given the present market conditions.’
During the three years to 30 September the fund returned 33%, compared with an average of 8% from the Citywire Alternative Ucits Market Neutral category. Since inception in 1998, GLG Market Neutral has generated 805%, and 103% since the crash in 2008.
The fund targets a low correlation with global equities by investing in a range of bond strategies, including convertible arbitrage, credit and capital structure arbitrage.