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Fidelity reopens 2 funds

Bloomberg News / March 25, 2009
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Fidelity Investments, the world's biggest mutual-fund company, will open two stock mutual funds to new investors as client redemptions and market declines have cut assets by more than half in the past year.

The Fidelity Diversified International fund had been closed to new investors since October 2004. The Small Cap Stock fund had been closed since June 2006, Boston-based Fidelity said yesterday. Both will open Monday.

The total value of the Diversified International fund has fallen 53 percent to $23 billion in the last year, while assets at the $1.8 billion Small Cap Stock fund have tumbled 58 percent, according to filings with the Securities and Exchange Commission.

Fidelity wants to open the funds to new cash as investors nearing retirement are removing money, Walter Donovan, president of Fidelity's stock investment unit, said in a statement. Retirement accounts represent 93 percent of the Diversified International fund's assets and 86 percent of the Small Cap Stock fund's assets, he said.

Fidelity also said it would open a new fund, the Fidelity Global Commodity Stock fund. The fund, to open Tuesday, will invest in energy, metals, and agriculture stocks.

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