Fund Openings, Closings, Manager Moves: Merrill Refocuses Value Fund

Merrill Lynch (MER Quote) is asking shareholders of its (MAPNX Quote)Phoenix fund to loosen the all-cap-value fund's constraints and change its name to Focus Value, according to a proxy filed with the Securities and Exchange Commission.

For some 13 years, portfolio manager Robert Martorelli has focused on distressed companies he thought were set to turnaround. Over the past one-, three-, five- and 10-year periods, the all-cap-value fund beat its average peer, according to Morningstar.

But if shareholders approve, Martorelli won't have to focus on deep value or turnaround situations anymore. He'll be able to invest in any company he and the firm's analysts think are undervalued. The name change to Focus reflects the fact that the fund holds relatively few stocks, just 40 as of Jan. 31. ...