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Wasatch funds closed to new contributions

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Salt Lake-based Wasatch Funds Inc. said Wednesday that its Wasatch Core Growth Fund, Micro Cap Fund, Small Cap Growth Fund and Ultra Growth Fund will close to new contributions from existing shareholders, effective Sept. 12.

Wasatch Funds Chairman Sam Stewart said the move was "driven by our desire to protect the interests of existing shareholders and prevent asset size from becoming a hindrance to performance."

The Core Growth, Micro Cap, Small Cap Growth and Ultra Growth Funds are currently closed to new investors.

Contributions from investors combined with the general rise in stock prices caused assets to increase and necessitated closing the funds to new contributions from existing shareholders, Wasatch Funds said. Stewart said the firm closes funds from time to time as a way to control asset levels and preserve the ability to invest in the types of smaller companies that have created Wasatch Funds' long-term track record.

The Wasatch Small Cap Value and Micro Cap Value funds also are closed to both new investors and existing shareholders. The Wasatch Global Science & Technology, International Growth and U.S. Treasury funds remain open to all investors.