June 23, 2003 — Harbor Funds said it will close Harbor Small Cap Growth Fund (HASGX) to new investors next month to keep it from getting too big to be manageable.
The fund’s retail and institutional versions will both stop accepting new accounts on July 18, Harbor said.
The move is aimed at keeping the fund’s assets, which totaled $350 million at the end of last month, from reaching the point where they may hurt the fund’s performance, said Mort Feray, Harbor Fund’s marketing director. “Liquidity can be an issue in this asset class,” he added.
The fund’s institutional shares returned 17.3% this year through May, while its investor shares were up 17.2%. By comparison, the fund’s small-cap blend peers gained 13%.