Value Fund Gets Strong Start
May 14, 2001
The Strategic Partners Focused Value Fund of Prudential Investments of Newark, N.J. raised $242 million in its six-week subscription period ending March 27, the company announced.
The fund's subscription period was successful considering it was offered in a declining market, said the spokesperson, Theresa Miller.
"In this market we're ecstatic because everyone else is talking about outflows," she said.
Last June, Prudential held a similar six-week subscription period for its Strategic Partners Focused Growth Fund and attracted $336 million, Miller said.
The Focused Value Fund is managed by Davis Selected Advisors of Tucson, Ariz. and Salomon Smith Barney of New York. The fund will be distributed through Prudential and Salomon Smith Barney, she said.