Dalton Strategic Partnership LLP (DSP) has decided to soft-close the Melchior Asian Opportunities Fund (MAOF) to new investors with effect from 1st February, 2007. The soft-close will be implemented by introducing an initial charge of 5 percent on subscriptions made by investors that were not recorded on the Fund’s share register on 31st January 2007.
“The MAOF has grown steadily since launch in April 2005 and, as at end December 2006, stood at USD355 million, “says Magnus Spence, the Founding Partner of DSP LLP. “While DSP are confident that the capacity of this strategy is significantly in excess of current assets under management, it is DSP’s policy to soft-close funds before reaching capacity limits. This is so as to achieve the best returns for existing investors and provide the opportunity for those investors to add to their positions over time.”
“Since inception the MAOF has returned 88.38 percent (to end December 2006) against the MSCI AC Far East ex Japan Index of 48.69 percent,” adds Richard Jones, a Partner of Retail Sales at DSP LLP. “This is an out performance of nearly forty percent, (39.69percent) since inception and is a superb achievement given how tricky markets have been over the last eighteen months.”
The Melchior Selected Trust Asian Opportunities Fund (MSTAOF), which is managed in-line with the MAOF, will remain open to new and existing investors for the time-being. Assets under management of this fund as at end December 2006 were USD36 million.