Majedie Tortoise reaches capacity after three years

The vehicle, which launched officially in January 2009 following earlier seed capital inception in August 2007, is a long/short equity vehicle.

Existing investors will be able to add to their mandates on request.

The group said it had “consistently maintained” its commitment to closing its funds to new investors once capacity is reached to protect performance.

Majedie said the fund has delivered an annualised performance of 15.7 per cent since seed inception compared with a 0.5 per cent gain for the FTSE All-Share index over the same period.

Rob Harris, managing director of Majedie, said managers Matthew Smith and Chris Reid had “performed well” in difficult markets.

“We have always maintained that Tortoise fund capacity is both precious and finite – and have stuck firmly to our original capacity limit,” he said.

“Size is the unspoken, structural impediment to making money. Today we are again demonstrating our commitment to protecting the size advantage for our clients.”