Marret Asset Management, specializing in fixed income and high-yield debt strategies, will close Marret High Yield Strategies Fund on 30 May 2014.
Following termination, net assets of the fund will be distributed to unit holders of record on the termination date, which will be carried out in stages.
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On 16 June 2014, the fund will make a distribution of the liquid portion of the portfolio and will hand out the net earnings from the private portfolio when proceeds are received by the fund.
The company said that nearly $7.57 or 86.5% of the fund’s net asset value per unit of $8.75 was attributable to the value of the liquid portfolio, as of 30 April 2014.
On the same date, nearly $1.18 of the fund’s net asset value per unit was attributable to the value of the private portfolio.
The company said it will not collect any ongoing management or other fees for overseeing the liquidation of the private portfolio and the closing of the fund.
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By GlobalDataThe fund believes that the majority of distributions received by unit holders in connection with the termination of the fund will be received as return of capital.
