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B. G., Opalesque Geneva for New Managers:

Dominic Armstrong, co-founder and CEO of the Horatius Fund, a geopolitical hedge fund, announced that at the end of December, the firm would be returning funds to investors and cease trading.

"Ultimately the global pandemic has made it very difficult to meet new potential investors face to face, and that 'airlock' in the supply chain of potential new assets to manage - vital for a small emerging fund - has alas proved unbridgeable," he says in an emailed announcement seen by Opalesque.

The fund

The Horatius Fund, managed by London-based Horatius Capital Ltd, was launched in June 2017. It was up 6% YTD (est.) at the end of November.

THe Cayman-domiciled global geopolitical macro fund was "designed to identify thematic investments that uniquely harness human intelligence, political context, and cultural insights." The portfolio has between seven and 10 themes at any one time and only invests in liquid instruments.

It was the winner of the HFM European Emerging Market Award (category Fixed Income: Under $100m) in 2019.

The normally secretive hedge fund was quoted in a Reuters article in March as being one that......................

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