Franklin Templeton Closes Doors on Hot Biotech Fund

As one door closes, another one opens.

On Thursday Franklin Templeton is again shuttering the hot (FBDIX Quote) Franklin Biotechnology Discovery fund. Separately, on Friday T. Rowe Price will launch its Emerging Europe & Mediterranean fund.

Franklin's biotech fund, which held $1.3 billion on July 31, reopened to new investors only on July 17. Stocks of biotechnology shops -- high-tech firms that primarily develop new drugs -- have been on a tear, helping the fund to boffo returns. Over the past year it's up 181%, beating 90% of its health care fund peers, according to Morningstar. Over the same period (FBIOX Quote)Fidelity Select Biotechnology, the largest biotech fund out there, is up 87.5%. ...