Fund Times: Openings, Closings, & Manager Changes
Van Wagoner, Liberty Acorn, Putnam, Vanguard, Eaton Vance.
Van Wagoner Funds closed two of its five technology-heavy funds just before tech stocks peaked last year. Now the aggressive firm, founded by Garrett Van Wagoner, is reopening those funds. Is this an opportunity to buy the talents of a tech true believer just before his favorite sector rebounds? Only time will tell. Meanwhile, Eaton Vance (EV) plans to reincarnate some tax-managed funds and Liberty Acorn lost more talent.
Van Wagoner Funds, renowned for its rapacious appetite for technology stocks, plans to reopen its Van Wagoner Emerging Growth (VWEGX) and Van Wagoner Micro-Cap Growth (VWMCX) funds. The firm closed the funds back in 1999, when seemingly everyone was buying the idea that new economy stocks could not fail. Well, as we all know, tech stocks have plummeted and the assets of Emerging Growth and Micro-Cap Growth have fallen with them due to both performance and shareholder redemptions. Both funds will start accepting new investments again Monday.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.