Capital guardian liquadating funds

13-Nov-2015 10:17

A bond used to finance the purchase of assets intended to be sold within a short period of time.For example, a company may issue a self-liquidating bond to pay for its inventory, which it intends to quickly sell.

Due to factors that have adversely affected and are expected to continue adversely affecting the performance of the UBS Equity Long-Short Multi-Strategy Fund (BMNAX), the fund’s board of directors have decided to liquidate the fund and distribute its assets to shareholders, pro rata.For the three-year period, AGLS’s -1.98% and had a one-star rating.The V2 Hedged Equity Fund (VVHEX) was launched on Oct.31, 2014 with $240 million in seed capital from a converted hedge fund that was seeded by an institutional client of V2 Capital.For the five-year period ending June 30, 2015, the fund’s 2.39% annualized returns ranked in the bottom 7% of funds in its category. According to a July 28 SEC filing, board of advisors for the Advisor Shares Accuvest Global Long Short ETF (AGLS) have approved the fund’s termination and liquidation, which is expected to be completed by August 14.The last day on which the ETF’s shares will trade freely will be August 7, and after that date, the fund will deviate from its stated investment objectives in an effort to wind up its business and affairs.

The fund is sub-advised by Accuvest Global Advisors and used a relative valuation model to select countries and/or regions for long/short equity positions.

AGLS returned -3.52% for the year ending June 30, ranking in the bottom 9% of ETFs in the Morningstar long/short equity category.

This decision was made on July 6, and investors were notified in a letter dated July 24.

The liquidation is expected to be completed by September 24.

The UBS Equity Long-Short Multi-Strategy Fund was managed internally by UBS and typically maintained a portfolio net exposure in the range of 10 – 50%.

The Fund’s poor performance earned it a one-star rating from Morningstar.