Fund Times: Formerly Red-Hot Fidelity Fund Reopens
Also, a growth leader and a laggard, a Putnam manager retires, and more.
Fidelity International Small Cap (FISMX), managed by Colin Stone, Noriko Takahashi, and Wilson Wong, reopened on Tuesday. The fund currently has about $714 million in assets, after having reached a high of almost $2.3 billion at the end of 2005.
This fund started its existence red-hot. Launched in mid-2002, it produced an 80% return in 2003, followed by returns of about 29% in each of the next two calendar years. However, those returns led to a flood of cash, and the fund closed in May 2005. It tanked in 2006 and has produced slightly above-average returns since. The fund went into net redemptions in mid-2006 and has suffered outflows since, though recently net flows have been near zero on a month-to-month basis.
Courtney Goethals Dobrow does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.