T. Rowe Price Group closed its high-yield bond funds to new investors as of Monday, the Baltimore money manager announced Tuesday.
They include the investor class shares and advisor class shares of the $9.2 billion High Yield Fund as well as the $2.5 billion Institutional High Yield Fund.
While Price will not accept new investors, existing shareholders can continue to invest in the funds.
The funds were last closed in February 2004 and reopened three years ago.
Investors have poured hundreds of millions of dollars into both funds in the last year. Mark Vaselkiv, High Yield Fund's portfolio manager and head of the taxable high-yield bond team, said that if the trend continued "it could eventually strain our ability to invest efficiently and result in an over-diversified fund with a less effective investment strategy."Copyright © 2015, Los Angeles Times