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Monday, March 13, 2006

Leuthold To Close Two Funds

by: Armie Margaret Lee

Leuthold Weeden Capital Management is moving to restrict the flow of fresh money into two of its funds. The Minneapolis-based firm will close the Leuthold Core Investment Fund and the Leuthold Select Industries Fund to current shareholders and new investors on March 31, according to a prospectus supplement.

However, participants in retirement plans in which shares of the funds have been designated as investment options can still pour money into the funds.

Leuthold's move isn't surprising, wrote Morningstar analyst Dieter Owen Bardy, who pointed to past interviews with manager Steve Leuthold which indicated that the Core Investment Fund, which invests in stocks, bonds and cash, is about to reach its capacity.

"And Select Industries is essentially a long-only and stock-only version of Core Investment, so it was probably close to its limit as well," Bardy wrote in the Fund Times column last week. 

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