Muzinich closes small short duration fund in strategy rethink; larger fund unchanged

New York, Jan. 4 - Muzinich & Co., Inc. is closing the Muzinich Short Duration High Yield Corporate Debt Fund as part of a plan to redirect the portfolio's strategy, according to Justin Muzinich, vice chairman at the firm.

The fund currently has only about $6 million in assets.

Muzinich's much larger Muzinich ShortDurationHighYield Fund, with $6.4 billion in assets, is unaffected by the action and will continue unchanged.

Muzinich announced in a 497 filing with the Securities and Exchange Commission on Thursday that the board of trustees of Professionally Managed Portfolios has approved the liquidation and termination of the Muzinich Short Duration High Yield Corporate Debt Fund.

The liquidation is expected to occur after close of business on Feb. 4.

Effective immediately, the fund is no longer accepting purchases of new shares.

Closure of the small portfolio was the easiest way to make the transition to an additional investment strategy, Justin Muzinich said.

"There are strategic reasons for repurposing the smaller fund, which was not the appropriate vehicle for institutional investors," he explained.

Muzinich & Co. the adviser to the fund, is a New York-based asset manager.

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