BOSTON--(BUSINESS WIRE)--Fidelity Investments®, one of the world’s leading global asset management organizations with more than $1.7 trillion in assets under management, today announced that it is closing Fidelity Small Cap Discovery Fund (FSCRX) to new accounts. As of the close of business on January 31, 2013, new purchases in the fund will be limited to existing shareholders.
“As a result, investor inflows into the fund have accelerated and assets have nearly doubled over the past year to $3.9 billion.”
Fidelity Small Cap Discovery Fund seeks long-term growth of capital by investing at least 80% of its assets in securities of companies with small market capitalizations (those with market capitalizations similar to companies in the Russell 2000 Index or the S&P Small Cap 600 Index). Chuck Myers has managed the fund since March 2006.
“Chuck Myers has done an outstanding job managing Fidelity Small Cap Discovery Fund over his tenure,” said Brian B. Hogan, president of Fidelity’s Equity Group. “As a result, investor inflows into the fund have accelerated and assets have nearly doubled over the past year to $3.9 billion.
“We believe that closing Small Cap Discovery Fund at this time is in the interests of the fund’s shareholders, and stabilizing cash flows will help Chuck in seeking to maintain the fund’s consistent performance track records,” concluded Hogan.
Fidelity will open new accounts in Fidelity Small Cap Discovery Fund until 4:00 p.m. EST on January 31, 2013. After that, investors generally will not be able to open new accounts in the fund. However, existing shareholders who are invested in the fund will continue to be able to add to their accounts. Employer-sponsored retirement plans and certain discretionary programs offered by registered investment advisors1 may be able to open additional accounts for investors if the fund was established as an option as of January 31, 2013. However, after January 31, 2013, Fidelity will no longer accept new investors into the fund, and retirement plan sponsors and advisors who have not established the fund as an investment option by January 31, 2013, will no longer be able to do so.
For investors considering a small cap fund, Fidelity offers several additional options, including: Fidelity Stock Selector Small Cap Fund (retail and Advisor share classes); Fidelity Small Cap Value (retail and Advisor share classes); Fidelity Small Cap Stock Fund; Fidelity Advisor Small Cap Fund; Fidelity Small Cap Growth Fund (retail and Advisor share classes); and Fidelity Small Cap Enhanced Index Fund.
About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.8 trillion, including managed assets of $1.7 trillion, as of November 30, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
Before investing, consider the funds investment objectives, risks, charges and expenses. Please visit www.fidelity.com or advisor.fidelity.com for a prospectus or if available, a summary prospectus, containing this information.
The Russell 2000® Index is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 300 Index.
The S&P Small Cap 600 Index is a market capitalization-weighted index of 600 small-capitalization stocks.
Past performance is no guarantee of future results.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for more information.
Investments in smaller companies may involve greater risks than those in larger, more well-known companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc.
500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC
200 Seaport Boulevard, Boston, MA 02110
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1 With a minimum of $500 million in assets under management