Fund Openings, Closings, Manager Moves: Putnam New Century Growth Set to Close to New Investors

Putnam New Century Growth, the Boston fund shop's high-octane "New Economy" fund that just opened in January is set to close to new investors March 10.

When Putnam first offered the broker-sold fund to the public on Jan. 21 it set a $1 billion asset ceiling. Through last Friday the fund, up 12.4% since Jan. 1, had $802 billion. By the time the fund closes, it may actually top the $1 billion mark.

The fund, which focuses on small- and mid-caps, was actually launched on Feb. 18, 1998 and managed in incubation-only offered to Putnam and affiliate employees until its public launch. It boasts a 166% return in 1999, albeit with the significant benefits of a fixed asset base and a 65% weighting in technology stocks. ...