Elevation Fund lowered

Elevation Capital Management is closing one of its two unit trusts due to waning investor interest.

The Fund it is closing is a fund-of-funds product where Elevation selects and oversees a globally recognised third party manager.

While the fund has had “satisfactory”performance investors are choosing either Elevation’s Value Fund or separately managed accounts.

“This has been reflected in low growth in the fund, meaning that the expenses on a per unit basis required to manage the fund, which are a cost to investors, are relatively high," managing director Christopher Swasbrook says in a unitholder letter.