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T. Rowe closes fund to new investors

T. Rowe Price, of Baltimore, an investment management company, announced it has closed its Capital Appreciation Fund for the first time to new investors because market appreciation and an influx of money threaten to make the fund too unwieldy for efficient management.

The fund remains open to existing fund shareholders and direct rollovers from qualified retirement plans into new T. Rowe Price IRAs.

The Capital Appreciation Fund had $20.4 billion in investments as of March 31, 2014.

The fund typically invests about 60 percent of its assets in stocks and the remainder in a diversified mix of bonds and cash reserves, and has posted positive absolute returns in every calendar year since its 1986 launch except for two (1990 and 2008).