Matrix Postpones Joining Strong Fund Family
Market-timing scandal leads Matrix to step back from association with Strong.
The board of directors for Matrix Advisors Value (MAVFX) has indefinitely postponed a plan to join the Strong fund family in light of the market-timing scandal that has engulfed Strong. The fund's board, as well as the fund's shareholders, had already approved an adoption by Strong in which shares of the fund would have been exchanged for the newly created Strong Large Cap Value.
The move was to be made official at a shareholder meeting scheduled for Oct. 14, which has been adjourned until Nov. 13. Portfolio manager David Katz, who sits on the board, says it will likely be adjourned again until Dec. 13, but he doesn't expect any action to be taken then, either.
Greg Carlson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.