Investment Week reports that global asset management business, First State Investments, will cease its Global Agribusiness Fund effective May 1.

 

Co-managed by Renzo Casarotto and Mario Maia, the soft commodities-focused fund has lost 11.7% over the last three years to March 7, according to FE Trustnet, reports Investment Week, compared to the average IA Global sector return of 16.7% for the same time period. In addition, the value of the fund’s assets under management have fallen from a high in 2013 of £51 million to a value of £9.6 million in February of this year.

 

A company spokesperson confirmed the closure of the fund stating, “This action has no impact on the Global Resources (core mining and energy) equities strategy and underlying fund, the First State Global Resources fund.”