Polar Capital closes three vehicles

Polar Capital has closed two hedge funds and a long-only vehicle after a period of underperformance....

Polar Capital has closed two hedge funds and a long-only vehicle after a period of underperformance. These are Polar's Asia ex-Japan long-only portfolio and its Technology and Asian Absolute Return hedge funds. The latter, called Lotus, fell from $86.7m in June 2007 to $56.8m in December and posted a total return of -12.18% for 2007. Its Technology Absolute Return portfolio fell from $79.1m to $36.1m over the same period and lost 27.58%. Polar Capital said the fall in total assets under management from $3.6bn to $3.2bn over the year reflects a loss of 11.1%. It blamed the fund clo...