Following recent sharp declines in the stock market, Putnam Investments of Boston re-opened three equity funds last week that had been closed.
Citing buying opportunities due to the sharp declines in the Dow Jones Industrial Average and the Nasdaq index, Putnam has decided to reopen the Putnam New Opportunities Fund, the Putnam Capital Appreciation Fund and the Putnam New Century Growth Fund.
In addition, the market downturn reduced the three funds to levels where the funds' portfolio managers could accept new investments, the firm said. Putnam intends to signal to investors its long-term faith in the markets by re-opening the three funds, said Tim Ferguson, head of investments for Putnam.
