A mutual fund started by another mutual fund as a result of the parent fund's large growth and management's assessment that the parent is limited as to the investments it can make. For example, a very large fund would generally be unable to establish investment positions in small or new corporations. Thus, a new, smaller fund with the same goals as the older, bigger fund is started. Although the parent fund and clone fund have the same investment objectives, they purchase different securities and generally operate under different managements.
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