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James Gledhill s pan-European high yield bond fund is closing
AXA IM has decided to close its Pan European High Yield Bond fund after it has shrunk to £25.9m, the asset manager has confirmed to Investment Week.
The fund, which launched in 2012, has returned 3.4% over five years, according to Morningstar data. We felt [the fund] no longer provided value for its unitholders and therefore believe that it would be in the best interests of all parties to close the fund, a spokesperson from AXA IM said.
A document seen by
Investment Week explains AXA IM also does not believe there will be an increase of demand for the fund or its strategy enough to attract new investments.