The fund now has around £12.1m under management, and has been a bottom quartile performer over one, three and five years. Over five years it has lost -5.46% compared to a sector average return of 68.74%, according to FE data.
Its performance versus the benchmark over the past year is shown in the graph below.
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Its aim was to achieve long term capital growth through investments in a diversified portfolio of UK smaller company equities.
A spokesperson said the size of the fund meant it no longer justified its operational costs.
Manduca is will continue to manage a range of pooled and segregated accounts at the firm.
A few weeks ago Bedlam Asset Management closed three funds in a bid to streamline its product line during a time of poor investor demand.
