Former Nationwide Fund Takes on New Name, New-Economy Slant - TheStreet

Former Nationwide Fund Takes on New Name, New-Economy Slant

It will be known as Gartmore Mid Cap Growth.
Author:
Publish date:

A new strategy has led to a new name for

(NMGAX) - Get Report

Nationwide Mid Cap Growth, which will now be called

Gartmore Millennium Growth

.

Villanova Capital

, the U.S. money management arm of

Nationwide Financial

that runs the fund, added the Gartmore label due to its partnership with London-based affiliate

Gartmore Global Partners

, according to a company announcement today. The Millennium Growth name reflects the higher-octane, New Economy tastes of fund manager Aaron Harris.

Harris, who took the fund's reins in April, has a tech bent. At the end of July, some 75% of the Gartmore fund's assets were invested in tech stocks, according to

Morningstar

. Before joining Villanova, Harris helped run the $343 million

(NGTIX)

Nicholas-Applegate Global Technology fund, which topped the charts last year with a whopping 494% return.

A company statement says the fund will continue to focus on mid-cap stocks, though only 37% of the fund's assets were invested in mid-caps at the end of July. The fund is up 62.1% this year, trouncing the

S&P 500

index and beating some 70% of its mid-cap growth peers.