Waddell & Reed today is launching a new
United Tax-Managed Equity Fund, which seeks long-term growth of capital while employing strategies to minimize taxable
gains and income.
The fund is the 18th fund in the
United Group of Mutual Funds, for which Waddell & Reed's investment management subsidiary,
Waddell & Reed Investment Management, serves as investment advisor. As of February 29, 2000, assets in the United Group of Mutual Funds totaled $27.7 billion.
The fund will be managed by
Cynthia Prince-Fox who also manages the $600 million
United Continental Income Fund. The portfolio will be made up primarily of common stocks of mid- to large-cap domestic companies. It will emphasize growth companies, including those selling at valuations that Prince-Fox believes to be attractive.
"Waddell & Reed has historically managed its equity funds with an eye toward tax sensitivity, and this new fund takes that approach to an even higher level," said
Robert Hechler, president. "It is a logical and important extension of our existing lineup of mutual funds."
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