Close unveils zero dividend Oeic offering

Close Fund Management has launched a fund investing in zero dividend preference and capital shares. The Close Reserve Equity fund is an Oeic and is aimed at deriving stability from a selection of zeros and the potential for growth in a selection of capital shares. The fund, managed by Godwin Tsui, will invest in zeros that have an average gross redemption yield of 6.7%, and a hurdle rate of -18%. This means the fund will have access to around 100 zeros, with a £3bn market cap. The fund is available as an Isa or Pep transfer, and carries an initial charge of 5%. Minimum investment is £...