Barclays Capital is set to close both the onshore and offshore versions of the Barclays Capital Radar fund on the grounds of its underperformance.
The company has informed all its investors about its plan to close the fund. The investors have an option for redeeming shares or receiving net proceeds upon termination of the fund.
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Launched in February 2009, the Barclays Capital Radar fund is an underperforming portfolio and has a small size.
The fund is an absolute return-style fund, which aims at positive returns in all market conditions and sits in the IMA Targeted Return sector. The estimated value of the total assets under its management is US$9.8 million.
The fund has a wide range of investment portfolio, such as shares, fixed income, foreign exchange and money market instruments either directly or through as derivatives. Asset allocation is derived from quantitative macroeconomic and fundamental analysis.
According to FE Analytics, the fund made fourth quartile returns in 2012 and was in the third quartile during 2011 and 2010. The Barclays Capital Radar fund is managed by Ian Mizrahi, the head of portfolio management; and Jason Smith, a senior portfolio manager.
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