Fremont Investment Advisors of San Francisco on March 10 closed the Fremont U.S. Micro-Cap Fund to new investors. The fund has over $1 billion in assets under management.
Assets in the fund surged in 1999 largely because the fund returned 129.5 percent last year, the firm said in a statement. For the five years ended Dec. 31, 1999, the fund returned an average 42.06 percent a year, the firm said.
Fremont decided to close the fund in the interest of existing shareholders, who will be allowed to continue to invest in the fund, said Peter Landini, chief equity strategist of Fremont Funds, in a statement.
However, a similar Fremont fund, the Fremont Institutional U.S. Micro-Cap Fund, will remain open to investments, the firm said.