T. Rowe Price has closed its New Horizons and Small-Cap Stock Funds — along with similar portfolios for institutional clients.
According to the company, it has closed small-cap mutual funds to maintain the integrity of the funds’ investment strategies and to protect the interests of existing shareholders.
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Though the funds are closed to new investors, they will continue to accept additional investments from existing shareholders and direct rollovers from qualified retirement plans into new IRAs offered through T. Rowe Price.
The New Horizons Fund, one of the first funds to invest exclusively in small-cap growth stocks, was first closed near a market peak in October 1967 and has reopened and closed several times since then. Since last reopening in May 2002, the fund’s assets have risen by nearly US$11 billion and stood at US$15.5 billion as of 30 November 2013.
The Small-Cap Stock Fund, which is also one of the oldest funds to invest in small-cap stocks, was first closed to new investors in March 2004. With a total of US$10.2 billion in assets as of 30 November 2013, the assets of Small-Cap Stock Fund have risen by US$6.9 billion since the fund reopened to new investors in April 2009.
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