Fund Liquidations: TeaLeaf, Fortress, Ramius And Redmont

By | February 18, 2016

Scalper1 News

In this edition of Fund Liquidations, we note four funds that have recently liquidated or filed for liquidation. The four funds cut across four investment categories: Long/short equity, long/short credit, event driven and multi-alternative. TeaLeaf Long/Short Deep Value Fund (MUTF: LEFIX ) Fortress Long/Short Credit Fund (MUTF: LPLIX ) Ramius Event Driven Fund Redmont Resolute Fund (MUTF: RMRGX ) TeaLeaf Long/Short Deep Value Fund In a January 25 filing with the Securities and Exchange Commission (“SEC”), the Board of Trustees of Tea Leaf Management Investment Trust decided to close the TeaLeaf Long/Short Deep Value Fund. The reason cited by the board was its relatively small size. For the year of 2015, the A shares of the fund returned -1.14%, which while not spectacular was still enough to rank the fund in the top half of its category. Nevertheless, the Board decided to terminate the fund, and its shares were entirely liquidated by January 29 – one month shy of the fund’s 3-year anniversary. Fortress Long/Short Credit Fund In a February 12 filing with the SEC, the Fortress Long/Short Credit Fund’s Board of Trustees voted to terminate the fund. This news comes just shortly after reaching the 5-year anniversary of the fund, which was launched in December 2010. Any shareholders who have not sold their shares by March 12 will have them automatically redeemed, according to the filing. The fund’s original Advisor share class returned -4.83% in 2015, ranking in the bottom 10% of its category. The fund is sub-advised by Logan Circle Partners. Ramius Event Driven Fund The Ramius Event Driven Fund’s Board made the decision to terminate the fund on December 28, 2015, just three months after the fund’s second anniversary. Any outstanding shares that hadn’t been redeemed by February 2 were automatically retired, with holdout shareholders receiving their proportion of the fund’s remaining net assets, according to the filing . The fund’s A shares returned -7.68% in 2015, ranking in the bottom 14% of Morningstar’s Long/Short Equity category. Redmont Resolute Fund I The Board of Trustees for the Redmont Resolute Fund I voted to liquidate it on December 17. The fund was launched on December 30, 2011. According to the SEC filing , the liquidation was expected to be completed by January 29. The A-class shares of the Redmont Resolute Fund, a multi-alternative fund, returned +0.15% in 2015, which was enough to rank it in the top 15% of funds in its category. Nevertheless, the fund’s Board determined it was in the best interests of shareholders to liquidate. The fund was advised by Highland Associates and sub-advised by PineBridge Investments. Past performance does not necessarily predict future results. Jason Seagraves contributed to this article. Scalper1 News

Scalper1 News