The board of directors for a Scudder Investments international fund voted this week to shut down the product, according to a regulatory filing with the Securities and Exchange Commission.
Scudders International Research Fund has performed so dismally that Morningstar has given the product its worst rating in comparing it to similar products. The fund, with about $13 million in assets, has posted year-to-date returns of 5.88%, according to Morningstar.
The issue is now in the hands of shareholders, who will decide at a meeting scheduled for March whether they want to kill the fund. The board closed the fund to new investors on Tuesday. If shareholders approve the proposal, the product is expected to shut down around mid-May.
Scudder officials could not be reached for comment.