Fund Liquidations: Neuberger Berman, KKM And RiverNorth
By DailyAlts Staff In this edition of Fund Liquidations, new filings and fund closures for: Neuberger Berman Global Thematic Opportunities Fund KKM Armor Fund RiverNorth Managed Volatility Fund Neuberger Berman Global Thematic Opportunities Fund (MUTF: NGHIX ) The Board of Trustees of Neuberger Berman Equity Funds approved the liquidation of the Neuberger Berman Global Thematic Opportunities Fund, and notified the Securities and Exchange Commission (“SEC”) in a July 13 filing . The fund ceased accepting investments from new investors or current shareholders on July 22 and offered to reimburse sales charges for shares purchased after June 25. The fund’s liquidation was expected to be completed by August 21. According to Bloomberg , the fund ceased trading on August 21 at a share price of $9.78, down 11.3% from a recent high of $11.03 on July 4. KKM Armor Fund (MUTF: RMRAX ) On August 24, KKM Financial filed a supplement with the SEC announcing the imminent termination of the KKM ARMOR Fund. The fund stopped accepting investments from new shareholders as of that date, announced it would abandon its investment objective in pursuit of its liquidation starting September 8, and set its termination for September 24. KKM also terminated its sub-advisory agreement with Equity Armor Investments. The KKM ARMOR Fund, which debuted in 2011, returned a whopping 45.52% in August but was still down 29.99% over the prior 12 months. Its strategy, which involves long and short calls and puts on the S&P 500, as well as futures contracts on the VIX and other volatility bets, was extraordinarily volatile itself, with one-month returns ranging from -31.78% in February to +45.52% in August, according to data retrieved from Morningstar. RiverNorth Managed Volatility Fund (MUTF: RNBWX ) At a July 29 meeting of RiverNorth Funds’ Board of Trustees, the decision was made to close and liquidate the RiverNorth Managed Volatility Fund. According to an SEC filing , the fund stopped accepting new investments as of that day and abandoned its investment objective in pursuit of its liquidation, which was expected to conclude by August 7. According to Bloomberg , the fund closed at $9.13 on that date, down more than 11% for the year. Share this article with a colleague