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Investec scraps Compass-run Mexican equity fund as assets drop

Investec scraps Compass-run Mexican equity fund as assets drop

Investec Asset Management has liquidated its dedicated Mexican equity fund after assets fell below a workable level, Citywire has learned.

The Investec GSF Mexican Equity fund was launched as Luxembourg-domiciled fund in February 2014 and had been run on mandate by Latin American investment specialists Compass Group.

Compass Group oversees several regional strategies on behalf of Investec, covering corporate debt, equities and small-cap equities. The Mexican Equity fund had been managed by Luis Yance, who is Mexico CIO and portfolio manager for Mexican strategies at the group.

However, the fund failed to attract investor attention and peaked at $11.18 million in assets in June 2014, according to Lipper data.

This is before dropping to $4.4 million, according to fund’s August factsheet, which is the latest available data. It was officially closed on October 6, according to Lipper.

A spokesperson for Investec confirmed the fund had closed. In a statement to Citywire, the company said: 'Our priority is to ensure that our funds are aligned with the best interests of our investors.

'Due to the fund becoming sub-scale and limiting investment efficiency, we felt it was in the interests of shareholders to close the fund.'

In the period since its launch in February 2014, the fund lost 4.3% in US dollar terms, while its Citywire-assigned benchmark, the MSCI Mexico TR, lost 11.6% over the same 31 month analysis period.

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