The fund closing does not affect existing shareholders, says Michael J.C. Roth, USAA president and CEO. He says the fund, launched in 1981, has become uneconomical, resulting in a board decision to close it to new investors.
Meanwhile, three new index funds and a new growth fund have been announced for the investment pipeline. Roth says the index funds are geared toward investors willing to accept moderate-to-very high risk levels. The USAA Capital Growth Fund will seek investments in equity securities of companies with rapid earnings growth. It targets investors willing to accept very high risk for long-term goals and willing to forego current income for long-term capital appreciation.
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