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What does it mean when a mutual fund is closed? |
I was told that a fund i had invested in 3 yrs ago was "closed", but i could still put money in. Have they stoped investing? or making money? It's closed to new investors. It's totally open to you and things should remain the same for you. It is closed to new customers. The ones in can still invest as they wish. They are still investing and (hopefully) making money. They are just not allowing any new investors to put money in. Those who already are invested in it (like you) may still buy shares. This is a common industry practice. If the fund is accepting money from the current investors, then they are still investing. Sometimes a fund has too much inflow of cash and closing it to new investors will allow the manager to invest the money of existing shareholders more efficiently. Example, if a small cap fund is receiving many new investors, there may not be many chosen stocks left they they want to buy. But more cash forces the fund to buy more new stocks (or more shares of current ones) which it may or may not actually want. fund manager saw too few opportunities to invest new funds so closed fund to new investors. Good for you in general as manager not willing to compromise. |
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