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Nordic group closes credit star’s fund to new flows

Nordic group closes credit star’s fund to new flows

Nordic investment boutique Capital Four is to soft-close its Credit Opportunities fund after a strong acceleration in assets under management.

The Luxembourg-domiciled fund, which is overseen by Citywire A-rated Sandro Naef and his team, rose to €380 million in assets after strong investor interest in January.

The asset manager said it had taken action to limit growth after the fund rose to above €350 million at the end of the month. In a bid to avoid too fast growth or too large a volume of assets it will therefore be soft closed at the end of February.

The Copenhagen-based group said it would be monitoring flows to see whether it should then be hard-closed or re-opened to new investors.

Capital Four has taken similar action before with the soft-closing and reopening of Naef’s much-larger European High Yield Bond fund previously. This fund, which is run on mandate for Nordea, currently has €4.04 billion in assets.

The Capital Four Credit Opportunities fund returned 18.9% in euro terms over the three years to the end of January 2018. This compares to an 11.2% rise by its Citywire-assigned benchmark, the Lipper Global Hedge/Credit Focus, over the same period.

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