The onshore US Smaller Companies fund, which has AUM of £487m, will remain soft-closed.
Meanwhile, the onshore US Mid Cap fund, with £847m under management, has reopened alongside the Luxembourg- and US-domiciled small and mid cap funds.
The strategies are managed by New York-based Jenny Jones. Returns over three years and one year are below the sector average.
Returns for the former have been 41.5% compared to a sector average of 41.9%, ranking it 48th out of 89 funds. Over one year it has returned 10.4%, while the sector average stands at 13.7%.
Financial services accounts for 17% of the fund’s portfolio, while 14.1% and 13.5% of capital is invested in producer durables and technology respectively.
Fred Schaefer, product manager US Equities at Schroders, said: "We hard closed a number of funds within the strategy in late March 2011 after extraordinary inflows of USD 1 billion, combined with market action between December 2010 and March 2011, pushed the strategy asset to USD 5.2 billion – considerably above our stated capacity of USD 4.5 billion.
"As a result of the strategy closure a number of participants withdrew assets from the strategy and we now feel there is sufficient available capacity to re-open the strategy."
Schroders has also hired Robert Kaynor as a Senior Equity Analyst in the team. He has 19 years’ experience in the industry and will oversee work in the consumer sector.