The $300 million Brazos Micro Cap Fund closed to new investors as of June 4, John McStay Investment Counsel of Dallas, the fund's investment adviser, announced.
"...We feel that by closing it now, the fund will be able to continue investing effectively in micro-cap growth stocks," said John McStay, a founder and managing partner of the fund's advisory firm, in a statement.
The Brazos Micro Cap Fund has earned an annualized total return of 32.93 percent since its inception in December 1997, according to Morningstar of Chicago. That has placed the fund within the top five percent of its peer group, and earned it Morningstar's overall 5-star rating.
The Brazos mutual fund group includes four other funds. John McStay Investment Counsel has been majority owned by American International Group of New York since April, 1999. AIG also owns SunAmerica of Los Angeles, the distributor of the Brazos Fund, which it acquired in August 1998.
