US asset manager T. Rowe Price has announced it has closed US mutual fund T. Rowe Price Global Technology to new investors, along with similar portfolios for institutional clients, on 29 September 2017.
The firm said the decision aims to protect the interests of the fund’s current shareholders following new cash inflows in recent months.
However, it specified investments from current shareholders and direct rollovers from qualified retirement plans into new T. Rowe Price IRAs will continue to be accepted.
As of 30 June 2017, T. Rowe Price’s Global Technology strategy had assets under management of $9.1bn (€7.7bn), including $5bn (€4.2bn) in the Global Technology fund, launched in 2000 and managed by Josh Spencer since June 2012.
At least 80% of the fund’s net assets are invested in stocks of companies expected to generate a majority of their revenues from the development, advancement, and use of technology.
The T. Rowe Price Global Technology fund returned an average 16.40% annually over a ten-year period from 31 August 2007 to 31 August 2017.
Fund manager Spencer said: “My primary goal is to deliver excellent long-term performance for clients. Restricting new inflows will help preserve my ability to invest effectively and in accordance with the investment objectives of the Global Technology strategy. This decision is for the benefit of all of the strategy’s current investors.”
T. Rowe Price’s AuM totalled $934bn (€793.6bn) as of end of August 2017.