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May 14, 2002 at 08:00 PM
May 6, 2002 — Fidelity Investments said it will temporarily close the Fidelity Low-Priced Stock Fund (FLPSX) to new investors after assets more than doubled in the past 15 months.
Fidelity said it will close the fund on May 16 and expects to reopen it in November.
Assets in the fund, which invests in small companies, swelled to $15.7 billion as of March 31 from $6.8 billion at the end of 2000, the company said.
While part of the increase is due to the fund’s holdings appreciating, it has also experienced “very heavy” inflows of money from investors, and its cash position had risen to 19%, Fidelity said.
