Perkins Mid Cap Value Fund (JMCVX) - is closed according to all the filings I can find, is closed at Fidelity, but M* says is open, and E*Trade says it will sell the fund to new investors.
Perkins Small Cap Value Fund (JSCVX) - will reopen Jan 1, per
SEC filingWhy this matters.
Estimated distributions this week for these funds are around 20%. This is more than the appreciation of nearly every owner's shares since they purchased them. (For JSCVX, unless one purchased shares around 2008-2009, you'd have to go back to the last millennium to find shares that cost less than the ex-div price of these shares will be.)
So, one may be better off liquidating, recognizing the smaller (long term) capital gains in the share price than taking the (larger) distribution, some of which may be taxed as ordinary income (unknown). Because these funds are (or will shortly be) available to new shareholders, it's not as important to retain a position.
I'm not saying that these are bad or good investments. Just that from a tax perspective, this is one of those rare opportunities where selling around a dividend (sell, repurchase ex-div if one wants to stay with the fund) works for a lot of people. Often when that's the situation, it's because people have been selling off in droves, leaving the stragglers to split the fund's distributions among fewer shares.
Comments
In regards to your tax comment, I did the same thing. I sold my TMCGX in early November as I was one of the individuals that bought TMCGX when it reopened with a NAV around $50 in early 2011. I calculated a gain of roughly $50 to sell my entire TMCGX position prior to the $23 per share CG distribution. It would have cost me a lot more to take the $23 per share CG than sell my entire position. Now, I plan to put the money back after the distribution.