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Friday, November 04, 2011|
American Century Closes an Equity Fund
The $9.1 billion American Century Equity Income fund [see profile] is closing to new investors at the end of the month, Morningstar reports.
The fund's closing date is Nov. 30 but shareholders will still be allowed to continue investing in the fund, according to a filing. It reportedly allocates some 20 percent of its assets to convertible bonds, which "has slowed in the U.S. over the last couple of years as persistently low interest rates have led firms to issue straight debt instead," according to Morningstar. The research shop says that scenario likely played a role in the firm's decision to close the fund.
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