Greg Jude, founder of Meme Capital Management, has announced that the firm’s only publicly-available offering, The Dual Momentum Fund, was closed in June and would no longer be available for investment as it “failed to attract a critical mass of investor support.”
“It is with a great degree of sadness that we inform you today that the The Dual Momentum Fund has been closed,” Jude wrote in an email sent to journalists earlier this week.
According to Meme, since inception in July, 2013, the fund had provided a net return of 10.32 per cent per annum through investing in both Australian and global equity markets.
Jude explained that, according to him, the complexities of global equity markets and the uncertain outlook for the major economies had had an impact on investors’ appetite for risk and innovation and it would be “unlikely to change in the foreseeable future”.
“With these things considered, and a few external issues thrown in for good measure, we have had little option but to call time on what has been a wonderful and, in many ways, rewarding exercise in funds management,” he said.