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Friday, September 30, 2016

This Week a 20-Year-Old Growth Fund Shut Down

by: Neil Anderson, Managing Editor

This week a 20-year-old large cap growth mutual fund shut down.

Eugene Profit
 Profit Investment Management
Chief Executive Officer
Bethesda, Maryland-based Profit Investment Management's [profile] Profit Fund was scheduled to be liquidated on Wednesday, September 28. The fund debuted on November 15, 1996, and since October 31, 1997 it had been PMed by Profit Investment Management CEO Eugene Profit.

Profit himself, a former NFL defensive back and a Legg Mason alumnus, did not return calls for comment on the liquidation. He founded his eponymous institutional asset management shop in 1996. 

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