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RS Emerging Growth, the small-cap growth fund run by 1999

Morningstar

Manager of the Year Jim Callinan, will close to new investors April 28.

The fund is up 219% over the past year and 36.8% since Jan. 1, beating 99% of its peers, according to

Morningstar

. That performance comes from Callinan's heavy tech bet. More than 60% of the fund's $6.8 billion was in tech stocks at year-end.

He took the fund's reins in July 1997. Over the past three years the fund has an 86.1% average annual return.

The closing plan is a bit curious. At nearly $7 billion, the fund is beyond big. Most small-cap funds close at around $1 billion because larger funds have a hard time investing in the thinly traded sector without moving stock prices and reducing returns.

In the announcement Callinan says money is coming into the fund too fast. But instead of simply closing the fund now or in a few days, it's likely that Callinan will get a mountain of money between now and then.

If he does, it won't be a new experience. At year-end the fund had only $3.6 billion.

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