April 1, 2003 -- The T Rowe Price Internatl Discovery Fund (PRIDX) reopened to some new investors yesterday after being closed for three years.
The fund reopened to investors who buy shares directly from T. Rowe Price Associates Inc. It remains closed to most investors who buy shares through financial intermediaries, a spokesman for the fund company said.
That restriction is aimed at keeping people from rapidly buying and selling shares in the fund, the spokesman said. In order to deter short-term investors, the fund also carries a 2% redemption charge on shares held for less than a year.
The fund was closed to keep it from getting too big to be manageable. It now has assets of about $350 million, Price said, adding that the amount of cash flowing into the fund is "more manageable." Price said it also believes investment "opportunities" among international small-cap stocks "are more attractive" then they were when the fund closed.
The fund was down 3.1% this year through February, while the average international fund was off 6.4%.