Fidelity Closing Funds

Fidelity Investments has announced that it would close Fidelity Growth Company Fund and Fidelity Mid-Cap Stock Fund to new investors effective at close of business on April 28th. This brings to four the number of such closings the biggest U.S. mutual-fund company has announced this month.

New purchases in Fidelity Growth Company (FDGRX) and Fidelity Mid-Cap Stock (FMCSX) funds will be limited to existing shareholders. Earlier this month, Fidelity announced plans to close its biggest stock fund, Fidelity Contrafund (FCNTX) and also Fidelity Advisor New Insights Fund (FNIAX) to new accounts.

Fidelity currently offers 381 mutual funds. With the four funds that close on April 28, the total number of closed funds will stand at 14. Keeping up the past good record of performance of these funds by achieving greater control over the growth of these funds by having a stable cash flow seems to be the objective of such closures.