Rarely do fund firms turn away any and all new cash, but that is exactly what Wasatch Advisors is doing with five of its funds. The funds were already closed to new investors. Starting September 12 they will be closed to current shareholders as well.

Officials at the firm are taking the unusual step to protect existing investors from falling performance as the funds grow to big to be wieldy, explained Sam Stewart, chairman of Salt Lake City-based fund firm.

The funds that are closing include the $1.32 billion Core Growth, $459 Small Cap Growth and Value, $1.02 billion Ultra Growth and $459 million Micro Cap funds.

The five closed funds join the Wasatch Micro Cap Value fund on the "not-for-sale" shelf. That fund closed in on the same day it launched (July 28) after it pulled in $65 million.

To restock its shelves, the firm is currently mulling over a new set of offerings in the mid-cap and all-cap segments.  

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