Vanguard Group announced it has closed the Vanguard Convertible Securities Fund to new accounts and placed a $25,000 annual investment limit on current retail accounts.
In the past five months the fund's assets have nearly doubled, from $867 million to $1.5 billion, through a combination of net cash flow and market appreciation. The decision to close the fund was announced last week and was made in consultation with Oaktree Capital Management LP of Los Angeles, which had managed the fund since 1996.
Five other Vanguard funds are closed. The company is based in Malvern, Pa.