Why Funds Close

• The managers have limits in how much money they can handle.
• Investors pour large amounts of money into the fund after a hot streak.
• The manager can’t find anywhere to put the cash.

Types of Fund Closings

• Some funds close only to new investors.
• Some set high minimum initial investments.
• Some close completely to all investors.

Options When a Fund Closes

• Wait until it reopens.
• Funds may reopen when cash inflows cool down.
• In 2007, Vanguard reopened several funds to Flagship investors.
• In 2008, several other companies reopened funds after a 15% market drop

• Find a loophole and get in the back door.
• Get a Change of Ownership form.
• Find a trusted friend with shares in the fund.
• Have the friend put your money into their account, then transfer the shares to you.

• Find an open fund that is similar, preferably run by the same manager.
• PRIMECAP Mgmt., which runs Vanguard Capital Opportunity, also manages the Primecap Odyssey funds.
• Fidelity and T. Rowe Price have good funds similar to Vanguard International Explorer.

Keep the Doors Open

• Subscribe to The Independent Adviser for Vanguard Investors and get:
• Advance warning of funds likely to close.
• Alternates for closed funds.
• Prompt notice of fund reopenings.
• Tips on little-known loopholes. Click here to get started today.

 

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