Redemptions hit returns for Paul Marriage

Paul Marriage's Cazenove Absolute UK Dynamic fund saw performance hit last month when his hedge fund was met with heavy redemptions. Both the retail fund and the hedge fund hold many of the same positions.

Marriage had to offload holdings in his hedge fund to meet $70m (£47m) of redemption requests - about 61% of its assets - after the departure of former manager Neil Pegrum in April. Many positions sold down were mid and small caps also held in his retail offering. Managing director Robin Minter-Kemp says: "The two funds are virtually identical, so the selling of stocks by one is bound to be a short-term detractor to the performance of the other. But it should bounce back. "Considerations around reducing the size of a mid-cap fund are very different to bringing down the size of a mi...