Sydney-based specialist Australian investment manager, Lodestar Capital Partners Pty Limited, (Lodestar) has announced that the company’s founders and principals have made the decision to close the business effective 30 June 2012.
The Lodestar Australian Strategic Shares Fund was established in March 2007 and since that time has returned an annualised -0.32%. The fund had a disappointing 2008/9 when it suffered a drawdown of -27.71% and in spite of returning 28.85% in 2009 as of February 2012 performance remained 11.53% below the high water mark reached in August 2008.
In June 2007, Lodestar announced an alliance with the National Australia Bank Limited for the distribution of Lodestar’s funds, and in September 2009 nabInvest acquired a 33% stake in Lodestar.
