Nov. 12, 2002 — The Fremont Mutual Fds:US Micro-Cap Fund (FUSMX) will close to new investors tomorrow to keep from getting too big to be manageable.
The fund had $436.5 million in assets as of Friday, Fremont Funds said. On its website, the fund complex said that it decided to close the fund to ensure that it “maintains its structure, which has provided strong returns in the past, when the micro-cap market recovers.”
The fund was off 34.8% this year through October, while the average small-cap growth fund lost 29%. For the five years ended last month, Fremont US Micro-Cap fund returned 6.6% annualized, versus a loss of 2.8% by its peers.