May 10, 2002 — T. Rowe Price Associates Inc. (TROW), which recently reopened one of its small-cap stock funds to new investors, is closing another one.
T Rowe Price Small Cap Value Fund (PRSVX) will stop accepting new investors on May 24. The action is aimed at keeping the fund from getting too big to be manageable, a company spokesman said.
The fund’s assets have doubled over the past year-and-a-half to about $2.9 billion because of “substantial cash inflows,” and “very positive investment results,” the spokesman, Brian Lewbart said.
The fund was up 15.1% through yesterday. It returned 21.9% last year, while its peers small-cap value funds gained 14.1%, on average.
Price earlier this month reopened the T Rowe Price New Horizons Fund (PRNHX) to new investors. The fund previously had been closed for nearly six years.