Fund Times: Emerging-Markets Fund Closes, Another Launched
Plus, Fidelity Small Cap to close, Schneider's soft fund closing, and more.
Matthews Pacific Tiger (MAPTX), a Morningstar Fund Analyst Pick, has announced it will close to new investors as of June 8, 2006. The near-$3-billion fund will continue to accept assets from existing shareholders as well as from certain investors, including financial advisors with existing clients in the fund, retirement plan participants with fund investment, and employees, trustees, and officers of the fund and its advisor.
We're encouraged by Matthews International Capital Management's decision to close the fund to new money before asset size becomes unmanageable. The managers at this fund still invest in an all-cap style, including in smaller-market and smaller-cap opportunities, so closing the fund now should help it maintain flexibility and liquidity in these more thinly traded areas. With an average market cap close to half the category norm, this fund should also continue to provide better diversification than many of its category peers. Matthews has a better history in shareholder-friendly asset management than many advisors who invest in Asian firms. It closed Matthews Asian Growth & Income (MACSX) as assets increased there.
Lawrence Jones does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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