Dalton SP soft-closes $500m absolute return fund

Dalton Strategic Partners has soft-closed its Melchior Selected Trust European Absolute Return fund at $500m.

Effective from today, subscriptions will be limited to existing investors in the fund, managed by Leonard Charlton. The UCITS III European equity long/short fund was launched in February 2010. According to Dalton SP, decreased market exposure and strong alpha generation from both the long and short portfolio has driven the rapid growth in inflows. "The team generates substantial returns from short stock selection, particularly in mid-cap companies," said Magnus Spence, managing partner at DSP. "By limiting the size of the fund the team will maintain the ability to take positions in...