Money manager T. Rowe Price Group said Monday it closed its Health Sciences Fund to new investors after assets in the fund rose dramatically in recent years.
The Health Sciences Fund, which has $14.1 billion in assets, invests in the stocks of companies involved in health care, medicine and life sciences. As of Monday’s close, at $81.50, the fund, which uses the ticker symbol PRHSX, had gained nearly 20 percent so far this year. On Tuesday, it dropped 64 cents, or 0.8 percent, to $80.84.
T. Rowe’s Health Sciences Strategy, which includes the Health Sciences Fund, has gained $5.9 billion in assets since the end of 2013.
Other T. Rowe mutual funds that are currently closed to new investors are the Capital Appreciation Fund, High Yield Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, New Horizons Fund and Small-Cap Stock Fund.
The fund has been managed since February 2013 by Taymour Tamaddon.
Though it’s closed to new investors, existing fund investors can continue to make investments, as can those whose employer-sponsored plans offer the fund as an option.