Jan 16 Fidelity Investments said on Wednesday it
is closing Small Cap Discovery Fund to new accounts as
assets over the past year have nearly doubled.
The fund, managed by Chuck Myers since March 2006, will
limit new purchases to existing shareholders, as of Jan. 31,
Fidelity said in a statement.
"Investor inflows into the fund have accelerated and assets
have nearly doubled over the past year to $3.9 billion," said
Brian Hogan, president of Fidelity's equity group. "We believe
that closing Small Cap Discovery Fund at this time is in the
interests of the fund's shareholders, and stabilizing cash flows
will help Chuck in seeking to maintain the fund's consistent
performance track records."