MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, December 9, 2004 No More Energy From Vanguard Vanguard is cutting off the juice to its Energy Fund. The Valley Forge, Pennsylvania-based shuttered the $5.3 billion fund to create what it calls a "temporary cooling-off" period. The fund started the year with $2.4 billion in assets. The quick growth is a response to its strong performance (a 55.2 percent total return over the past 12 months compared to a 12.9 percent gain in the S&P 500) and the growing popularity of commodity-based funds. The fund will continue to take new cash from existing investors. Wellington Management Company acts as the advisor to the fund. Vanguard has now closed seven of its 250 actively managed stock funds in the past 30 months. Chairman Jack Brennan said the move is a reactio nto "the intense interest in the energy sector as a whole and the level of cash flow into Vanguard Energy Fund." Printed from: MFWire.com/story.asp?s=8601 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |