AIM Funds Closes Japan Growth Fund:Becomes Fifth AIM Fund to Close in August
AIM Funds closed its Japan Growth Fund Friday and plans to merge it with the AIM International Equity Fund, the company announced. The fund is the Houston-based companys fifth to close and merge with another fund this month.
The fund, which has $46 million in assets under management, has posted a negative 18.69% year to date return, according to fund tracker Morningstar of Chicago. Last year the fund had a dismal return of negative 53.7%. International Equity, which has $1.67 billion in assets, has also suffered from poor recent performance. Year to date, it has returned a negative 15.7% and last year it posted a negative 25.7%.
So far this month, AIM has closed the Latin American Growth, Global Consumer Products & Services, Tax Exempt Bond Fund of Connecticut and Advisor Flex funds. All of the funds will be merged with existing AIM Funds.