Dec. 24, 2003 — The Fidelity Low Priced Stock Fund (FLPSX) will close to new investors on December 31 to keep from getting too big to be manageable.
Assets in the fund rose 66% to $25 billion on November 30 from $15.1 billion at the end of last year, Fidelity Investments said. The company attributed the increase to “very strong investor inflows and capital appreciation” due to the strengthening stock market.
Fidelity said rising equity prices have begun to make it difficult for the fund’s portfolio manager, Joel Tillinghast, to find investments among stocks priced at $35 or less, which the fund normally buys.
Fidelity Low Priced Stock was up 36.4% through November, while its small-cap value fund peers returned 37.3%.
Fidelity has closed the fund four other times in the last 11 years. It last reopened in November 2002 after being closed in May that year.