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Products January 16, 2013
Fidelity Closing Small Cap Discovery Fund
Fidelity Investments is closing Fidelity Small Cap
Discovery Fund (FSCRX) to new accounts.
Reported by Rebecca Moore
As of the close of business on January 31, 2013, new purchases in the fund will be limited to existing shareholders.
Employer-sponsored retirement plans and certain discretionary programs offered by registered investment advisers (RIAs) may be able to open additional accounts for investors if the fund was established as an option by January 31.
For investors considering a small-cap fund, Fidelity offers several additional options, including Fidelity Stock Selector Small Cap Fund; Fidelity Small Cap Value; Fidelity Small Cap Stock Fund; Fidelity Advisor Small Cap Fund; Fidelity Small Cap Growth Fund; and Fidelity Small Cap Enhanced Index Fund.
“We believe that closing Small Cap Discovery Fund at this time is in the interests of the fund’s shareholders, and stabilizing cash flows will help Chuck [Myers, the fund’s manager,] in seeking to maintain the fund’s consistent performance track records,” said Brian B. Hogan, president of Fidelity’s Equity Group.