DCG Iris has announced that it is planning to put proposals to shareholders to wind up the company. The Directors say that the fund was too small (£68m). Returns were in line with its original projections – annualised 4.6% at 30 April 2014. However, in our view, the fund was always likely to be vulnerable to losing the interest of investors when markets picked up and investors’ appetite for risk increased. The next chance they have of redeeming their interest in the underlying masterfund is 1 October 2014.
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