Castellain Value Fund
Fund overview
The Castellain Value Fund targets high absolute returns with a moderate risk profile. It primarily invests in the shares of listed closed-end funds which trade at a discount to their reported net asset values. We try to identify catalysts which will cause either the discount to net asset value to narrow or the net asset value to rise. Where appropriate, we mitigate market risk through hedging, although we often view the discount itself as a form of hedge.
Launch date
1 February 2009
Fund Size
£66 million
Dealing frequency
Twice monthly
Annualised Return
13.2%
Fund Manager
Rob Goldsmith founded Castellain Capital in 2009 and has managed the Castellain Value Fund since inception. He has been an active investor in closed-end funds for over 25 years.
Performance*
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.6% | 0.7% | -7.2% | 4.9% | 4.4% | -1.7% | 1.5% | 2.7% | |||||
| 2025 | 0.7% | 0.3% | -1.9% | 0.6% | 3.3% | 5.4% | 3.3% | -0.5% | 0.5% | 1.6% | -0.9% | 0.8% | 13.8% |
| 2024 | 1.0% | 1.2% | 1.1% | 1.0% | 2.0% | -0.1% | 4.2% | -0.2% | 1.5% | -2.6% | 1.8% | 1.3% | 12.7% |
| 2023 | 2.8% | 0.9% | -4.0% | 1.3% | -0.3% | -0.6% | 3.1% | -1.1% | -1.3% | -5.0% | 6.5% | 6.1% | 8.1% |
| 2022 | -2.9% | -1.9% | 3.3% | -0.9% | -2.5% | -3.9% | -3.5% | -2.5% | -6.9% | 1.7% | 4.1% | -0.1% | -9.1% |
| 2021 | 0.7% | 1.5% | 1.5% | 4.1% | 1.2% | 1.2% | 1.0% | 1.9% | 0.4% | 2.0% | -0.5% | 2.3% | 18.6% |
| 2020 | -0.3% | -5.8% | -21.2% | 7.7% | 4.0% | 2.6% | 3.3% | 2.6% | 0.2% | 1.2% | 9.3% | 4.0% | 4.0% |
| 2019 | 4.1% | 1.6% | 0.6% | 1.2% | -1.1% | 1.1% | 2.0% | 0.3% | 1.9% | -0.2% | 1.5% | 2.7% | 16.6% |
| 2018 | 0.5% | -1.4% | -0.7% | 1.6% | 1.7% | 0.4% | 0.5% | -0.3% | 0.0% | -2.2% | -1.0% | -2.7% | -3.7% |
| 2017 | 2.1% | 1.4% | 0.7% | 1.6% | 1.8% | 0.2% | 1.1% | 0.0% | 0.7% | 1.2% | 0.5% | 1.0% | 13.0% |
| 2016 | -2.7% | 1.1% | 2.9% | 2.6% | 0.2% | 1.5% | 2.0% | 2.7% | 1.9% | 2.7% | 0.9% | 2.7% | 17.0% |
| 2015 | 2.3% | 0.9% | 1.5% | -0.3% | 1.8% | -1.8% | 1.1% | -2.5% | -1.2% | 1.2% | 0.4% | 1.5% | 4.9% |
| 2014 | 2.6% | 4.7% | -1.6% | -1.4% | 0.2% | 0.5% | 2.7% | 1.4% | -1.5% | -1.0% | 0.4% | 0.5% | 7.7% |
| 2013 | 5.1% | 4.0% | 0.9% | 0.1% | 2.6% | -0.8% | 1.5% | -0.4% | 2.0% | 2.3% | -0.5% | -0.2% | 17.6% |
| 2012 | 0.4% | 3.5% | 1.9% | 0.5% | -0.6% | 0.4% | 3.1% | 2.9% | 4.3% | 1.1% | 0.7% | 1.5% | 21.4% |
| 2011 | 2.1% | 2.1% | 1.4% | -0.1% | 1.3% | -1.2% | -1.6% | -5.6% | -2.4% | -0.8% | -2.6% | -1.4% | -8.8% |
| 2010 | 2.5% | 1.6% | 3.6% | 4.5% | -0.7% | -0.6% | 1.1% | 0.8% | 2.3% | 2.5% | 1.0% | 4.2% | 24.9% |
| 2009 | - | 11.5% | -0.1% | 17.5% | 7.4% | -3.9% | 3.7% | 16.2% | 12.3% | 6.0% | 0.9% | 2.7% | 100.8% |
*All performance figures are net of fees.
Fund information
Structure
Domicile
SIPP eligible
ISA eligible
Entry Charge
Exit Charge
UCITS
Ireland
Yes
Yes
0%
0%
Bloomberg
Investment Manager
Administrator
Custodian
Auditor
SFDR
CASTCAV ID Equity
Castellain Capital LLP
CACEIS Ireland
Caceis Bank
EY
Article 6
Documents
Monthly factsheets
Latest factsheets:
Castellain Value Fund July 2026 Monthly FactsheetCastellain Value Fund June 2026 Monthly Factsheet
Castellain Value Fund May 2026 Monthly Factsheet
Please select your chosen month and year to view the relevant factsheet.
Other Funds Available
Castellain Income Fund
The Castellain Income fund invests in stock exchange listed equity and fixed income securities of tangible asset-rich companies.
Castellain Emerging Market Credit Fund
The Castellain Emerging Market Credit Fund invests predominantly in USD and EUR denominated emerging market sovereign credit.
Castellain Green Fund
The Castellain Green Fund primarily invests in the shares of clean energy, infrastructure and sustainability-focused companies.