got this from the porch, though I'm pretty sure they think it's bullish -ng sounds like ponzi action to me, BWTFDIK
biz.yahoo.com
BOSTON, Dec 14 (Reuters) - Mutual fund powerhouse Fidelity Investments on Thursday said it would reopen to new investors two of its larger mutual funds to stem outflows that have hit them since they were closed in April 1998.
The two funds are Contrafund, a $39.2 billion large capitalization blend portfolio that is down 7.09 percent year to date, and the $39.7 billion Growth and Income fund, another large blend offering that is off 0.04 percent for the year.
``While each of these funds has attracted close to $20 billion in new cash since we partially closed them in 1998, the closings, together with natural attrition, have created net outflows that we want to stem by reopening the funds to new shareholders,'' Robert Pozen, president of Fidelity Management and Research Co., Fidelity's mutual fund arm, said in a statement.
``I want to stress that our goal is not to grow assets in either fund, but rather to achieve a neutral cash flow in both funds. A fund is in a better position to perform well for its shareholders if it has neither a lot of cash flowing in, nor a lot of cash flowing out,'' Pozen said. |
