The fund's two portfolio managers, Stephen Goldberg and John Parker, have left Pengana.
"The guys decided they wanted to do something else," Pengana head of distribution Denis Carroll said.
"The economics made it difficult to run the fund."
The managers made the decision to close the fund in February and started to wind down their positions. The fund had $6.8 million in AUM at the time.
At the same time, the Pengana Australian Equities Core Fund received a three-star rating from Standard & Poor's (S&P).
"The fund has a strong emphasis on capital preservation and does not aim to be fully invested at all times. Given the fund's unique product structure and absolute return focus, we believe it is not suitable for all investors and may appeal to the specialised high net worth section of the market," S&P analyst Sheela Veerappan said.
