The four funds Neptune will potentially close are its Green Planet Fund, European Max Alpha Fund, Japan Max Alpha Fund, and US Max Alpha Fund.

“We believe that the costs associated with running these smaller portfolios mean that it is no longer in the interest of current shareholders to continue offering them,” the firm said in a statement.

Any termination costs incurred will be covered by Neptune and not paid by the funds themselves. Meanwhile, investors in these funds will have the option to switch into another fund managed by Neptune or to sell their holdings. This will be carried out free of charge, the firm said.

In January, Neptune launched four new funds - two focusing on Russia and frontier emerging markets (the Russian Special Situations Fund and Frontier Emerging Markets Fund), and two income-focused vehicles (the Global Income Fund and Monthly Income Fund).