Prime Value Opportunities Fund winds up

Boutique fund manager Prime Value Asset Management has wound up its Opportunities Fund and its Significant Investor Visa (SIV) counterpart.

The wind up of the Prime Value Opportunities Fund and Prime Value SIV Opportunities Fund was completed this month.

The Prime Value Opportunities Fund, a concentrated equities fund structure designed to balance outperformance and capital preservation, was incepted on 5 November 2012. At the time of the launch, Prime Value was making inroads into the retail space.

The fund aimed to achieve absolute total returns by providing medium- to long-term capital growth without the constraints of a share market benchmark. It invested in large-, mid- and small-caps and could allocate up to 20% of the portfolio in global equities. It also charged a performance fee of 15%.

The Class A version of the fund required a minimum investment of $20,000 from direct investors. Class B, meanwhile, was available to financial advisers on platforms like Netwealth and BT Wrap.

Following a strategic review of the funds' size, investor demand and long-term sustainability, Prime Value Asset Management (PVAM) as responsible entity, said it "has determined that it is in the best interests of investors to undertake an orderly termination and closure of the fund."

"This decision is specific to the Prime Value Opportunities Fund and Prime Value SIV Opportunities Fund and does not affect the ongoing operation of Prime Value or its other investment funds," the responsible entity said in mid-August.

Upon finalising the wind up, PVAM confirmed overnight that "the fund had been operating for approximately 14 years and generated solid returns of 9% p.a. since inception."

"It was managed by ST Wong, and we thank him for his dedicated service to the organisation and unitholders over that time," PVAM said.

Prime Value, together with sister company Shakespeare Property Group, currently manages more than $3 billion in assets across equities, income securities, property and alternatives.