The Dreyfus Corporation of New York announced today that it will close the Dreyfus Midcap Value Fund to new investors when the funds total net assets reach $1.4 billion. As of March 14, the funds total net assets were approximately $639.8 million, according to Dreyfus.
Between February 29, 2000 and February 28 of this year, the funds assets grew from $79.1 million to $577 million, Dreyfus announced. The fund has returned 10.53 percent year to date.
The performance of Dreyfus Midcap Value Fund has helped drive a surge in the funds assets over the past year, said Stephen E. Canter, Dreyfuss president, chief operating officer and chief investment officer. Closing the Dreyfus Midcap Value Fund to all new investors will ensure that the funds portfolio managers retain the agility to strategically move assets in and out of investment opportunities,' said Canter.