Liquidated Poland Fund Ready for Comeback
Hiatus after switch in distributors means fund has missed early-year gains in Polish market.
Poland's market is jumping this year, fueled partly by--what else?--Internet fever. But Kaminski Poland hasn't been around for the ride. The open-end fund, the only open- or closed-end fund exclusively targeting Poland, liquidated Dec. 31 after two and a half years in operation. Odds are, though, it'll soon be back.
Robert Lada, director of research for the fund's advisor, Kaminski Asset Management, says the liquidation was only a formality caused by complications in switching distributors. The fund had never attracted much in the way of assets--it had less than $3 million when it liquidated--and its officials thought a new distributor would help the fund gain visibility and assets. (Lackluster returns, owing largely to the Polish market's struggles over the fund's lifetime, also explain the lack of assets.) Although the fund planned to continue operations without interruption, Lada says, it was forced to liquidate formally when the change in distributors was not completed in time.