HFA subsidiary Certitude Global Investments and the fund's manager, Lighthouse Partners, made significant changes to the offering around fees and portfolio construction that S&P regarded as product improvements, S&P analyst Michael Armitage said.
"Certitude has decided in the best interests of investors, and to avoid liquidity mismatches with holdings, to provide quarterly redemptions with 30-day notice periods," Armitage said.
"Additionally, redemptions are restricted to 15 per cent of net asset value, placing a redemption gate on the product."
The fund reopened on 30 September for new investments and with a fresh product disclosure statement.
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