Freedom Investors' Frontier Microcap Fund
, which has been called "the worst mutual fund ever" by more than one analyst, is closing shop.
on November 20, 2009, to liquidate the fund. The final closing date is March 31, 2010, according to a Freedom Investors spokesperson. The Frontier Microcap is the company's sole mutual fund.
According to the AP
, the fund will distribute the remaining $53,157 in assets - down from a peak of about $1.6 million in the mid-90's - to 87 investors.
Since 1993, the one-star Morningstar rated fund has been the black only two years , 1999 and 2009, Philly.com
reported, and if a hypothetical investor put $1000 in the fund in 2000, they'd now how only $11.35 in their pocket, with much of the money going to the fund's exorbitant fees.
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