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Fidelity to Reopen Low-Priced Stock Fund

Firm slates Nov. 18 for small-cap fund's reopening.


In a widely anticipated move, Fidelity has announced that its enormous and highly successful  Low-Priced Stock Fund (FLPSX) will reopen to new investors Nov. 18.

Fidelity closed the fund in May 2002; at one point earlier this year, strong inflows had pushed the portfolio's cash level above 20% of assets. At the time, Fidelity said it would likely reopen the fund in six months, giving manager Joel Tillinghast time to trim the fund's cash stake. Thanks to the summer market downturn, which slowed inflows and gave Tillinghast plenty of buying opportunities, he had cut cash to 11% of assets on Sept. 30, when Fidelity last released composition information for the fund. Fidelity has indicated that since the end of the third quarter, Tillinghast has further cut the fund's cash stake.

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Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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