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Fidelity to Close Int'l Small Cap Fund

Fidelity Investments is closing its $2.1 billion International Small Cap Fund on May 5 to most new investors after assets increased almost threefold since the beginning of 2004.

The fund has attracted $500 million in net new investments since January, Sophie Launay, a spokeswoman for Boston-based Fidelity, told Bloomberg. Managed by Ben Paton and Tokuya Sano, the fund had $747.5 million in assets in December 2003.

The fund opened in September 2002 and has had the best returns in its category since then, according to Bloomberg data. It has gained an annual average of 46% in that time, better than 52 similarly managed funds. This year, the fund returned 6.5%, beating 99% of its rivals.

Fidelity has closed 11 other funds to new investors, including the $57.3 billion Fidelity Magellan and $35 billion Fidelity Low-Priced Stock funds.