PIMCO on Friday liquidated its RAE Worldwide Fundamental Advantage PLUS Fund.

In anticipation of the liquidation, sales of shares to new investors were halted April 3. Any remaining shares will be redeemed at the value as of the end of business April 28, the prospectus by PIMCO, the Pacific Investment Management Company, says.

Rob D. Arnott, and his firm, Research Affiliates LLC were advisors on the fund. Dubbed the “godfather of smart beta” by some, Arnott and his firm are subadvisors for several PIMCO funds and have worked with the Newport Beach, Calif., based firm for ten years.

Michael Reid, spokesman for PIMCO, says, “We constantly review our suite of strategies and may liquidate a fund from time to time if we feel it no longer serves our clients’ needs. We are committed to RAE [Research Affiliates Equity] and will be expanding our Research Affiliates relationship in equities.”

PIMCO has made public Securities and Exchange Commission filings to launch some RAFI Multi-Factor ETFs in the near future.

The RAE Worldwide Fundamental Advantage PLUS Fund was a global market neutral fund that is long RAE and short market cap.

PIMCO reportedly is liquidating the fund because it did not see much growth in the global market neutral space. The fund, which was started in November 2012, reached $4 billion in assets in 2014, according to Reuters. But the fund's assets had dropped to about $316 million before it closed, Morningstar says.