Changes to UCITS guidelines have made it impossible to trade commodities in that wrapper, says Cantab Capital Partners, which is closing the UCITS version of its flagship quant fund.
The CCP Quantitative UCITS fund closed with over $320 million in assets under management. Cantab says the fund has performed “in line with expectations, posting attractive returns with a minimal tracking record to the original CCP Quantitative Fund.”
Ewan Kirk, chief investment officer and founding partner of Cantab, said in a statement announcing the closure: “We do not believe in restricting our products or trying to circumvent rules. As a result we are saddened to close our CCP Quantitative UCITS fund, but are committed to ensuring our investors do not lose out as a result.”
Existing investors can transfer, free of charge, into either the original CCP Quantitative Fund, which was closed to external investors in November 2012, or into Cantab's new CCP Core Macro Fund, which offers lower fees and daily liquidity.
Cantab Capital Partners is a Cambridge, UK-based systematic global macro manager with about $5.5 billion in assets under management. The investor base is 60% institutional, 35% fund of funds, and 5% family offices/high net worth individuals.