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Montgomery to Close Global Long- Short Fund

Montgomery Asset Management of San Francisco plans to close the Montgomery Global Long-Short Fund to new investors on June 30, 1999. The fund currently has $130 million in assets under management. At the rate the fund has been growing, Montgomery expects investments to increase nearly another 50 percent to $200 million by June 30, said Montgomery spokesperson Pete Greenley.

For the one-year period ended March 31, 1999, the fund returned 39.87 percent and had an annualized return of 58.75 percent since its inception December 31, 1997. The fund's managers invest in companies with strong growth prospects and "hedge those positions by shorting against businesses whose fundamentals appear to be deteriorating," said Nancy Kukacka, co-portfolio manager.