The hot-performing, broker-sold
AIM Large Cap Opportunities fund will close to new investors at the end of business Friday, according to a company statement Thursday.
noted that the fund would close its doors on Sept. 29 or when it hit a $750 million asset target, whichever came first. At the close of Wednesday's trading, the fund had $702 million in assets.
Although most large-cap funds can easily handle assets in the billions, this fund's strategy requires a more modest amount. Like
's two other Opportunities funds,
Mid Cap Opportunities and
Small Cap Opportunities, which are also currently closed to new investors, the fund typically buys stocks with rising earnings and shorts stocks of companies with falling earnings. Shorting or short-selling is essentially the practice of selling borrowed stock, hoping to return the shares at a lower price and profit from the falling stock.
That strategy has worked well for the team-managed fund, which launched on Dec. 30 but wasn't broadly sold until March 31. So far this year it's up 41.6%, beating the
by more than 40 percentage points and some 99% of its large-cap growth peers, according to