The Hartford Financial Services Group has reopened its Hartford Focus fund to new investors, the firm announced yesterday. Following its initial launch, the fund has been closed since May 24 after raising $124 million in 18 days.
The funds prospectus stated that fund would shut down for at least 90 days and could then possibly reopen depending on market conditions, according to David Levenson, senior vice president of the Hartford Mutual Funds.
"And we believe the current market conditions are favorable for a fund like this," said Levenson. "Valuations have come down quite a bit for high quality S&P 500 stocks."
The fund invests in between 20 and 40 stocks with a concentrated portfolio of stocks within the S&P 500 index. It has a 3-month return of approximately negative 13%, according to Bloomberg.