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October 06, 2004 at 08:00 PM
Oct. 4, 2004 – Fidelity Investments said it will close its Fidelity Diversified International Fund (FDIVX), effective October 25, to new investors.
The company attributed the closing to the fund’s strong growth in cash flows. Assets in the fund grew from $7.1 billion at the end of 2002 to $17.8 billion on Aug. 31, 2004.
Managed by William Bower since April 2001, the fund has gained 20.3% for the 12-month period through August 2004, while the average international equity fund climbed 18.6%. The portfolio is ranked 5 Stars by Standard & Poor’s.
Fidelity also announced that Penelope A. Dobkin has been named portfolio manager of Fidelity Advisor Diversified International Fund/A (FDVAX), succeeding Bower, who will continue to manage the Diversified International Fund.
In addition, William Kennedy has been named portfolio manager of Fidelity International Discovery Fund (FIGRX) [formerly Fidelity International Growth & Income], succeeding Dobkin.
