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Fund Times

Fund Times: Openings, Closings, & Manager Changes

Dodge & Cox, Vanguard, Invesco, Putnam, Strong, STI, and Domini.

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When a mutual-fund family waits 12 years before introducing a new fund and that seems quick, you know it's not concerned with hopping on the latest investing bandwagon. No one would call Dodge & Cox Funds, which next month will roll out its first new offering since 1989 and its fourth fund in 70 years, a frantic follower of fund-industry fashions. Also, Vanguard reopens two of its best actively managed funds, Strong Investments closes its founders' old fund, a noted high-yield manager rides into the sunset, and Putnam Investments hands out pink slips.  

The launch of a new Dodge & Cox mutual fund is only slightly less rare than a visit from Halley's comet. The San Francisco-based firm waited 34 years before adding its second fund and nearly another three decades before it rolled out its third. In comparison, the deliberate fund family's decision to introduce its fourth fund, Dodge & Cox International Stock Fund, a mere dozen years after the birth of its last offering seems downright impetuous. The choice is far from rash, though.

Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.