Artisan Small Cap Value Shuts the Barn Door in Time
Fund reaches $250 million in assets, closes to new investors.
Artisan Small Cap Value Fund (ARTVX) is committed to staying tiny.
Artisan Funds announced Friday that it was closing the fund to new investors immediately, because assets had reached $250 million.
The decision to close the fund is a good one. Manager Scott Satterwhite focuses his attention on small names that are often highly illiquid. Had the fund's asset base continued to expand, it could have been increasingly difficult for him to establish or liquidate positions without moving prices against him.
Over the course of its short life, Artisan Small Cap has amassed a solid record. Since its inception in late 1997, the fund has posted an annualized return of 5.4%. While that may not seem incredibly impressive in the age of triple-digit tech-fund returns, this offering is still way ahead of the average small-value fund, which is actually in the red for the same period. And Satterwhite amassed an impressive record during his tenure at Wachovia Special Values (BTSVX) in the mid-1990s.
Those who got in before the doors shut should be pleased.
Emily Hall does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.