Since the suspension, efforts had been made to reposition the portfolio and offload substantial portions of unlisted and illiquid assets. However, the letter to investors Tuesday revealed that this had "not been sufficient to allow reasonable certainty as to when the repositioning would be fully achieved," which would allow the fund to re-open.
Adrian Lowcock, head of personal investing at investment platform Willis Owen, called the news "truly shocking." "However, investors will still be incurring high costs for the winding up of the fund, particularly selling off the illiquid assets," explained Ryan Hughes, head of active portfolios at investment platform AJ Bell.
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