With effect from 1 May 2018, the Evenlode Income fund will soft close subject to regulatory approval. From this date an initial charge of 5% will be levied to all subscriptions made by new investors, however existing unitholders will not be affected. Funds inherently soft close, or try to reduce inflows, in order to protect the integrity of the investment process and existing investors. Despite this announcement, we retain full conviction in the strategy and its managers and the fund maintains its A rating.