Chicago-based Driehaus Capital Management is liquidating its Driehaus International Credit Opportunities Fund (DRCIX) after a year of less-than-stellar performance.

According to a regulatory filing, the fund is closed to new investors effective as of March 5 and will liquidate on March 12. The Fund is actively managed and bets on both long and short positions in debt securities (both sovereign and corporate), equity securities and currencies. It managed some $27 million as of the end of December 2012.

Adam Weiner and Sabya Roy were the portfolio managers of the fund, which launched on March 1, 2012.

Since the fund’s inception through December 31, 2012, it returned -2.29%, which fell below the fund’s benchmark, the Citigroup 3-Month T-Bill Index (0.07%) for the same period. The fund also underperformed the BofA Merrill Lynch Global High Yield Index, which returned 11.21%, and the J.P. Morgan Emerging Markets Bond Index Global Diversified, which returned 12.90% for the same period, according to the PMs’ annual report to shareholders.

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