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Top-performing long/short fund reopened to investors

Top-performing long/short fund reopened to investors

BlackRock has reopened the European Opportunities Extension fund to new investors two-and-a-half years after closing the long/short strategy to all new investment, Citywire Selector has learned.

The fund is currently the top-performing long/short equity fund tracked by Citywire on a three-year, total return basis. It has returned 68.4% in euro terms over the 36 months to the end of November 2016 against an average manager return of 3.9%.

According to an investor note, the fund, which is overseen by Citywire AAA-rated David Tovey and Simon Hunter, was reopened in December after having first been shuttered in July 2014.

It was first closed on 22 July after a strong run-up of assets over the first half of 2014, which saw the Alternative Ucits strategy rise to €681 million in assets under management.

The latest available factsheet for the fund, which is for the end of November 2016, the BSF European Opportunities strategy now has €609 million in assets.

BlackRock did not rule out closing the fund further if assets rise once again. It said in a statement: ‘We will continue to monitor the size of the fund to ensure that it is not capacity constrained.

‘Where necessary, steps will be taken to manage the size of the fund and as a consequence, it may be appropriate at a later date to close the fund to further subscriptions.’

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