Assets of Former Navellier Fund Drop 50%

MFS Investment Management said the assets of its stock fund, formerly known as Navellier Aggressive Small Cap Portfolio, dropped 50% since the firm took control of the fund last month. The assets of the fund, which was renamed MFS Aggressive Small Cap Equity, total about $86 million, down from $164 million in mid-March, the Boston-based company said. Many investors fled soon after the fund’s trustees decided to replace Louis Navellier and Alan Alpers as managers of the fund. Navellier said he resigned in March as manager of the fund that bears his name after a disagreement with the fund’s three independent trustees. Shareholders of the fund still must ratify MFS as manager of the fund. A vote is expected within three months, an MFS spokesman said.