Majedie soft-closes outperforming Tortoise fund

Majedie Asset Management has closed its Tortoise hedge fund to new investors as assets approach the £350m mark.

The fund, managed by Matthew Smith and Chris Reid, is closing in order to protect existing clients, having reached its targeted £250m in assets since launch in January 2009. Existing investors will be able to add to their mandates on request, while any outflows will be recycled to new investors "as appropriate", the company said. Majedie said the Tortoise fund has returned 88.1% since inception, compared with a 2.3% rise in the FTSE All Share and a 2.6% rise in the Dow Jones CS Long/Short (GBP) index. The fund returned 10.8% in 2011, a year in which the Dow long/short index lost 7....