Putnam Investments said it will close its Capital Appreciation mutual fund to new investors on June 30.
The Boston mutual fund company said it will open on July 1 a new fund, Capital Opportunities, that will be managed by the same team that runs Capital Appreciation.
The team, lead by Gerald Zukowski and co-managed by Ted Finch and William Miller, will focus on stocks of companies with small to midsize market capitalizations, but the new fund's guidelines permit investments in a range of companies.
The decision to close Capital Appreciation, which has $3.3 billion of assets under management, comes after assets in the fund tripled during the last 12 months, Putnam said. It first opened in August 1993 and was closed from April 1995 to January 1996.
Putnam said it does not plan to reopen the fund. Existing shareholders, including participants in employer-sponsored retirement plans, can continue to invest.