NovaPort funds terminated, investment manager retires

Mike Taylor

Managing Editor and Publisher

16 May 2024

The challenges facing fund managers have manifested again with financial advisers and their clients being informed that two NovaPort products run under the Fidante umbrella are being terminated.

In documentation provided to advisers as part of notification by the Asgard platform, Fidante said that it had been determined that “it is in the best interests of unitholders to terminate the funds and distribute the funds’ net proceeds to unitholders”

The two products are the NovaPort Microcap Fund and the NovaPort Smaller Companies Fund with Fidante saying that investment manager, NovaPort had advised their strategic decision to close the business and retire as investment manager.

“Fidante has considered various options for the Funds, including keeping the Funds open. However, in light of the business review, expected declining flows and the uncertainty with finding a suitable replacement manager, the decision was made to terminate the Funds,” it said.

NovaPort lists only its Smaller Companies Funds and the Microcap Fund in its product offerings with the portfolio managers being Alex Milton, Sinclair Currie and Tim Binsted.

Notification of the NovaPort arrangements came at the same time as Monash Investors notified the Australian Securities Exchange (ASX) of intention to merge two of its funds.

It said that it was proposing the AQUA traded Monash Investors Small Companies Trust (Hedge Fund) be merged into its equivalent unlisted fund, Monash Investors Small Companies Fund.

“The proposed merger will significantly reduce the ongoing operating costs for MAAT investors and the one-off anticipated costs of the merger have already been provided for in MAAT’s daily unit price,” it said.