Fidelity Closes New Millennium Fund To New Shareholders
BOSTON (AP) _ A huge increase in the amount of money invested in Fidelity Investment’s New Millennium Fund prompted the company to close the highflying fund to new investors on Wednesday.
The fund remains open to all institutional and private shareholders.
``Our decision to close the New Millennium Fund was based on the exceptionally high level of cash flow the fund was receiving since the beginning of this year,″ said William J. Hayes, director of equity investments.
The fund, which averaged $1.5 million in new investments each day during 1995, averaged more than $10 million a day in new investments during April, according to Camille Lepre, a spokeswoman for Boston-based Fidelity.
``We have closed the fund to ensure that we can continue to invest according to the fund’s unique research and investing style,″ Hayes said.
New Millennium, which opened in 1992, is run by portfolio manager Neal Miller. The fund favors small-to-medium-capitalized companies likely to benefit from social and economic changes in the market.
The fund registered a 54 percent increase for 1995. For the three years ended April 30, New Millennium had a 13.5 percent return.