Allianz Global Investors is reopening the doors to its Allianz NFJ Small Cap Value Fund for the first time since 2003. Kristina Hooper, who heads up equity product management at Allianz, told SmartMoney.com's Paulette Miniter that the firm has witnessed net outflows across its small-cap value strategy, including the NFJ Small Cap Value Fund, with most of the outflows stemming from older investors moving money out of individual accounts. Hooper also pointed to other factors, such as the stock market's weakness and value investing being out of favor, as having prompted the reopening of the fund.

"If we saw a lot of outflows but the market wasn't attractively valued, we wouldn't be reopening," Hooper said.

The fund is one of the best performers among its peers, returning 6.1 percent last year. This year it is up 3 percent.  

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