Vanguard Reopens Two Funds To New Investors
Vanguard has reopened its International Explorer fund and Precious Metals and Mining fund to new shareholder accounts. “The financial market environment has changed considerably since we closed the funds, which at current asset levels are in a position to accept additional cash flows,” said Vanguard CEO, F. William McNabb III. Vanguard closed the International Explorer Fund in August 2004. The fund, which focuses on the stocks of small companies based outside the US, has US$1.5bn in assets. The Precious Metals and Mining Fund invests in the stocks of foreign and U.S. companies engaged in the exploration, mining, and distribution of gold, silver, platinum, diamonds, and other precious metals and minerals. The fund, which has US$3bn in assets, was closed in February 2006. The International Explorer Fund requires a minimum initial investment of US$25,000 to open a new general, IRA, or custodial account. The minimum initial investment for all accounts in the Precious Metals and Mining Fund is US$10,000.