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DNB calls time on long-running shipping and oil fund

Nordic investment giant DNB has closed its Navigator fund, which was launched 23 years ago to capitalise on opportunities in the shipping and oil industries.

The closure was first reported in the local Norwegian media and confirmed to Citywire Selector by a spokesperson for DNB.

DNB Navigator was a Norway-domiciled fund overseen by Citywire AAA-rated Dag Hammer and Citywire + rated Rune Kaland. The spokesperson confirmed both fund managers remain with the company despite the planned closure.

According to local media reports, part of the reason for the fund being liquidated is DNB’s wish to move towards more ‘green’ investment ideas, which would involve moving away from more resource-intensive markets such as shipping and oil.

In terms of performance, the DNB Navigator was among the bottom 20 performers in Citywire’s Equity – Global sector on a three-year basis. It lost 34% in US dollar terms over this period to the end of August, while the average fund returned 19.4% over the same timeframe.

A decline in investor interest was also cited as one of the reasons for the fund being closed. Morningstar data indicated that the fund had NOK 186m (€17.3m) in assets under management as at the end of August. In its recent history, it had reached NOK 395m before falling back over the following two years.
Source: City Wire Selector

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