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AAA-rated duo’s top-performing frontier fund soft-closed

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AAA-rated duo’s top-performing frontier fund soft-closed

Charlemagne Capital has broken through its self-imposed assets limit for new investors in the Magna New Frontiers fund, overseen by two of its top managers.

The frontier markets fund, which is co-run by Citywire AAA-rated Dominic Bokor-Ingram and Stefan Böttcher, has risen to €430 million in assets following a period of strong outperformance.

The London-based group has a €400 million ‘soft close ceiling’ for new investors, which has now been breached. A 5% charge on new subscriptions will be applied once the fund hits €500 million in assets.

In a statement to Citywire Selector, a spokesperson for Charlemagne Capital said it had stopped actively marketing the fund and new investors could still gain access if there were redemptions from existing shareholders.

‘Our main reason for setting a capacity limit is being able to continue to manage the fund as we have up to now, and performance as our team’s focus is to generate the best possible returns for our clients,’ the spokesperson said.

It is understood that the company is wary of ‘compromising’ Bokor-Ingram and Böttcher’s investment style, especially given the liquidity dynamics currently at play in the frontier markets.

The fund currently sits first out of 43 funds in the Equity – Frontier Markets sector on a 12 month basis to the end of August 2017. It returned 34.7% in US dollar terms against an average manager return of 16.7% over the same period.

On a three-year basis, it is third out of 36 funds, having returned 29.1% against an average manager loss of 2.1%. The MSCI Frontier Markets TR USD fell 4.05% over the same period.

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