The Hartford Mutual Funds has reopened The Hartford MidCap Value Fund to new investors.
The Hartford Mutual Funds has reopened The Hartford MidCap Value Fund to new investors.
The fund, which is sub-advised by Wellington Management, has been closed to new investors since August 2004 and has experienced normal outflows without the offsetting benefit of new cash inflows. This has opened up capacity for new investors.
In addition, the company says the current market environment has created attractive new investment opportunities for the portfolio management team in the mid-cap space.
Data from Morningstar show that mid-cap stocks have historically outperformed large-cap stocks in the one-year period following the end of the last three official recessions, as determined by the National Bureau of Economic Research.
On 15 December 2008, the fund family reopened The Hartford MidCap Fund.
‘The Hartford MidCap Fund has been a strong performing fund in the Morningstar mid-cap growth category, and now we are pleased to offer new investors The Hartford MidCap Value Fund, which has been a strong performer in the mid-cap value space,’ says Keith Sloane, senior vice president of The Hartford Mutual Funds. ‘Advisers and their clients may meet all their mid-cap needs by using both of these funds when building portfolios and both funds benefit from Wellington Management Company’s in-depth, proprietary research.’
James Mordy, a senior vice president and partner at Wellington Management, has managed the fund since its inception in 2001. Mordy believes the fund is well-positioned to accept new assets.
‘As our economy shows signs of emerging from recession, there are many opportunities for investors in the mid-cap space,’ he says. ‘Opening the fund to new investors will help us to take advantage of attractively priced mid-cap companies.’
The Hartford MidCap Value Fund seeks to outperform the Russell 2500 Value Index by investing in stocks of mid-cap companies. The investment approach focuses on companies with below average price/earnings ratio and bottom-up security selection.
