The Investec Emerging Frontier Markets Equity fund was launched for the duo in July 2011 and was formally closed at the end of October 2015 but the closure was not widely publicised.
The fund was previously showcased as one of the most improved in the Equity – Frontier Markets sector as part of Citywire Selector research into dedicated frontier market funds carried out in August of last year.
Horne and Ahmed, who continue to oversee the Investec Horizon Markets Equity fund, were highlighted for moving from among the bottom four performers in the sector over the 12 months to the end of July 2014 to sit among the leaders in absolute terms over the following year.
A spokesperson for Investec told Citywire Selector the change was part of a rationalistion of the fund range following a routine review. The spokesperson said:
‘Our priority is to ensure that our funds are aligned with investor requirements and perform at a cost effective level. The fund is currently subscale and as such we feel it is in the interests of shareholders to close the fund, consolidating the range in this case.’
According to Lipper data, the fund peaked at $151 million in August 2015 before slipping to $21.5 million in assets prior to its closure at the end of last year.
In the three years to the end of October 2015, the fund returned 14.3% against a rise of 32.1% by its Citywire-assigned benchmark, the MSCI Frontier Markets TR USD, over the same timeframe.