Fidelity has announced two developments for Fidelity Small Cap Growth (FCPGX) and related funds. The developments are unrelated but note-worthy for any investor invested in the fund.
First: Effective close of business today, February 2, Fidelity is closing Fidelity and Fidelity Advisor Small Cap Growth Fund to new investors. This means that investors generally are not able to open new accounts in the fund. (However, existing shareholders who are invested in the fund are able to add to their existing accounts.) You can find out more about this, including other situations in which you may be able to open an account in the fund, in the Q&A found below.
Second: Manager Pat Venanzi is taking a leave of absence for June, July and August for personal reasons. He will be back and ready to go in September. In the meantime, I am highly confident in the managers who will be taking care of his funds. For more information on who will be managing Venanzi’s funds during his leave of absence, check out the Q&A below.