June 27, 2002 — Amer Express (AXP) launched a mutual fund that invests in undervalued stocks of large companies.

The new AXP Large-Cap Value fund, run by former Fidelity Investments portfolio manager Bob Ewing, will hold 100 to 200 stocks. The fund’s benchmark is the Russell 1000 value index, American Express said.

Ewing also oversees AXP Growth Fund/A (INIDX) and AXP Invest Series:Mutual Fund/A (INMUX) with Nick Thakore, another Fidelity alumnus. Ewing, Thakore and money manager Doug Chase left Fidelity to join American Express earlier this year. Ewing previously ran the stock portion of the $7-billion Fidelity Balanced (FBALX).