Schooner Investment Group, the investment adviser to the Schooner Global Absolute Return Fund, is liquidating the alternative mutual fund on March 13, according to a regulatory filing.
The fund, which launched in November 2011, is closed to new investors as of February 11.
Its portfolio managers were Alec Petro and Brian Chen. The fund managed some $10 million in assets as of February 11.
Schooner launched the fund in 2011 via a deal with Wisconsin-based Nakoma Capital Management whereby Schooner folded the Nakoma Absolute Return Fund into its own offering.
“In regard to the closing of the Schooner Global Absolute Fund, we have decided to focus the Firm’s time and resources elsewhere,” according to a statement from the firm.
“We are always open to new products and investment ideas within the Firm, but there is nothing to report. We continue to focus our efforts on doing the best job we can for Schooner Fund shareholders.”