an Francisco-based Fremont Investment Advisors
has set asset targets for closing two of its micro-cap stock funds. The funds' directors will close will close both funds to new investors when the fund's assets reach approximately $400 million. Existing investors would be unaffected by the change. The Fremont fund family offers 13 no-load funds with $5.5 billion of assets, according to the firm.
"The Board decided to close the Funds at about $400 million so that the management team could focus on its best ideas and not have to take on too much exposure to any one individual security in the portfolio," according to Bill Fergusson
, senior vice president of marketing for Fremont.
The U.S. Micro-Cap Fund has already hit the target and held $401.7 million in assets two days ago at the close of business on October 30. The U.S. Micro-Cap Fund is further away from the target and held $251.4 million of assets at that time.
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