Franklin Templeton of San Mateo, Calif. announced today that it will re-open its Small-Cap Growth fund September 1 and will rename it the Small-Mid Cap Growth fund.
In addition to the name change, the fund will begin investing in companies with market capitalizations of up to $8.5 billion. Previously, the fund only invested in small-cap stocks of companies with market capitalizations of no more than $1.5 billion.
'By broadening the portfolio's investment criteria, we will be able to search for investments among a greater number of innovative, fast growing companies,' said Ed Jamieson, portfolio manager for the fund. 'With increased market cap, we can hold and add to positions in successful smaller companies as they grow, effectively letting the winners run.
The fund closed to new investors April 30, 2000 with $11 billion in assets under management, but has lost assets since, according to Morningstar of Chicago. Currently, the fund has $9.5 billion in assets.