Newscape winds up two funds

Boutique investment house Newscape Capital Group has closed its poorly-performing Dynamic Rates & Currency fund less than two years after bringing it to market, and has also shut its Absolute Bond fund, Investment Week understands.

The Dublin-domiciled funds closed last week after being delisted from the Irish Stock Exchange. The firm launched its UCITS fund range back in 2010, but has been hampered by underperformance so far and has failed to attract investor interest. The Dynamic Rates & Currency fund launched in November 2012 under CIO Philippe Bonnefoy, targeting returns of 12% annually by investing in the currencies and interest rates of the OECD countries. However, the fund suffered a tumultuous run up until its closure, losing 16.8% over its lifetime, according to Morningstar. The Absolute Bond fund...