Credit Suisse has liquidated two of its equity theme funds less than a year after their launch.
The first of these is the Credit Suisse (Lux) Eurozone Equity Theme fund. Its investment objective was to outperform MSCI EMU (NR).
The fund was the responsibility of managers from Credit Suisse multi-asset class solutions (Macs). However, upon request the company declined to reveal specific manager names.
It was launched in October 2016 and its securities selection was based on Credit Suisse's eurozone themes, which had been predominantly defensive following the UK's decision to leave the EU, according to a factsheet from April 2017.
The biggest sectors in the fund were financials (21%), industrials (15.25%) and consumer discretionary (14.02%). In the top three holdings were Total, Siemens and Sanofi.
The second fund to close is the Credit Suisse (CH) Switzerland Equity Theme fund, which aimed to outperform MSCI Switzerland (NR) and was focusing on Credit Suisse's Switzerland themes.
The fund was launched in February 2017 and its latest investment theme was Swiss quality and investments in companies with a proven track record. The rationale behind this theme was the ability of the Swiss firms to generate higher returns in the challenging economic environment.
The fund was also the responsibility of portfolio managers from Macs funds. According to the April factsheet, the biggest sectors in the fund were healthcare (34.75%), consumer staples (22.12%) and financials (17.58%).
The top positions in the fund were Roche, Novartis and Nestlé.