Fidelity to reopen two mutual funds
Fidelity Investments plans to reopen two of its most popular mutual funds to new investors in an effort to rebuild assets after withdrawals and market losses in the last year.
Contrafund and Fidelity’s Low-Priced Stock fund will start taking cash from new investors Dec. 16, the Boston-based company said Tuesday.
Contrafund, which was closed in April 2006, has seen client assets fall 36% this year to $51.5 billion on Oct. 31. Low-Priced Stock fund, which was closed in 2003, has $19.9 billion in assets, down 43% this year
The company said letting new investors in would allow the funds to invest more at today’s attractive stock prices.
In January, Fidelity reopened its Magellan fund to new investors for the first time in a decade.
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