Artisan Funds said today that it will close its mid-cap fund to new investors as soon as assets in the fund reach about $2.2 billion.
The Artisan Mid Cap Fund held about $2 billion in assets as of Dec. 31 and it was unclear exactly when the Milwaukee firm expected to attract the additional $200,000. Executives at the firm could not be reached.
But, in a statement, the company said that the products closure is intended to enable the fund to invest in stocks with smaller market capitalizations. The product invests in equities with market capitalizations of between $600 million and $6 billion and is available with no transaction fees through Charles Schwab OneSource, Fidelity FundsNetwork, TD Waterhouse Mutual Fund Network and First Trust Datalynx.
Existing shareholders will still be able to invest in the fund as well as reinvest their capital gains distributions, the company said.