Share James Gledhill's pan-European high yield bond fund is closing AXA IM has decided to close its Pan European High Yield Bond fund after it has shrunk to £25.9m, the asset manager has confirmed to Investment Week. The fund, which launched in 2012, has returned 3.4% over five years, according to Morningstar data. "We felt [the fund] no longer provided value for its unitholders and therefore believe that it would be in the best interests of all parties to close the fund," a spokesperson from AXA IM said. A document seen by Investment Week explains AXA IM also does not believe there will be an increase of demand for the fund or its strategy enough to attract new investments.