All the assets and liabilities of the £69 million Panda fund have been transferred into Growth Asia ex Japan, which held £8.5 million of assets before the merger.
The firm stated: ‘The merger of the Panda fund and the Asia ex Japan fund forms part of a rationalisation of the range of funds offered by the Comgest group.’
Panda enjoyed a strong run in 2013, returning 13.1% while its benchmark MSCI All Country Asia Pacific Ex Japan index gained 3.4%. This placed Panda in the top decile of its 367-strong Asia Pacific excluding Japan Citywire sector for the year. Growth Asia ex Japan returned 8% through the year.
Taiwan Semiconductor Manufacturing is the largest holding in both funds, with China the highest country weighting and information technology the predominant sector exposure.