plans to close its $300 million
AIM Large Cap Opportunities when the fund reaches the $750 million asset mark or on Sept. 29, whichever comes first.
Launched to the public March 31, the broker-sold fund's offensive/defensive strategy necessitates a modest asset base, according to a company statement Monday. Like the two other Opportunities funds,
Mid Cap Opportunities and
Small Cap Opportunities, which are currently closed to new investors, the fund buys stocks with rising earnings and shorts stocks of companies with falling earnings. Short selling, the practice of selling borrowed stock hoping to return them at a lower price, is a way to profit from a falling stock.
The fund's long/short strategy has paid off. Since Jan. 1 it's up 34.2%, beating the
by 34 percentage points and leaving 99% of its large-cap growth peers in the dust, according to Morningstar.
See Monday's earlier
Fund Moves, Manager Changes.