The Killen Group [see profile]
is reopening its flagship mutual fund to new investors. Chairman and CEO Bob Killen
confirmed that the Berwyn, Pennsylvania-based mutual fund firm will reopen the $1.3-billion, five-star, conservative allocation Berwyn Income Fund
(BERIX) on September 19 [see filing
]. Killen closed the fund to new investors on November 15 [see filing
"We were getting a lot of inflows," Killen told MFWire.com
. "There wasn't anything worth buying."
Killen confided that the fund held about 25 percent of its assets in cash in the early summer of this year.
"In recent weeks, we've found good values out there. We've reduced our cash balance," Killen said, adding that the fund's board then pondered reopening it to new investors. "The conclusion was that this was a good time for our existing shareholders … We didn't think we'd get an avalanche of inflows."
Killen, which manages about $2 billion in total, also offers the $214.1-million Berwyn Fund
and the $11.0-million Berwyn Cornerstone Fund
Stay ahead of the news ... Sign up for our email alerts now