The Castellain Value Fund targets high absolute returns with a moderate risk profile. It primarily invests in the shares of closed-end funds which trade at a discount to their reported net asset values. We try to identify catalysts which will cause either the discount to net asset value to narrow or the net asset value to rise. Where appropriate, we mitigate market risk through hedging, although we often view the discount itself as a form of hedge. The portfolio manager of the fund is Robert Goldsmith. It was launched in February 2009.

Performance


 JanFebMarAprMayJunJulAugSepOctNovDecYear
20172.1%1.4%0.7%1.6%1.8%0.2%1.1%9.3%
2016-2.7%1.1%2.9%2.6%0.2%1.5%2.0%2.7%1.9%2.7%-0.9%1.9%17.0%
20152.3%0.9%1.5%-0.3%1.8%-1.8%1.1%-2.5%-1.2%1.2%0.4%1.5%4.9%
20142.6%4.7%-1.6%-1.4%0.2%0.5%2.7%1.4%-1.5%-1.0%0.4%0.5%7.7%
20135.1%4.0%0.9%0.1%2.6%-0.8%1.5%-0.4%2.0%2.3%-0.5%-0.2%17.6%
20120.4%
3.5%1.9%0.5%-0.6%0.4%3.1%2.9%4.3%1.1%0.7%1.5%21.4%
20112.1%2.1%1.4%-0.1%1.3%-1.2%-1.6%-5.6%-2.4%-0.8%-2.6%-1.4%-8.8%
20102.5%1.6%3.6%4.5%-0.7%-0.6%1.1%0.8%2.3%2.5%1.0%4.2%24.9%
2009-11.5%-0.1%17.5%7.4%-3.9%3.7%16.2%12.3%6.0%0.9%2.7%100.8%

The fund is targeted at sophisticated investors and is not generally available for retail investors. Please contact us for more information (available only to those investors who meet the relevant eligibility requirements.)