YOU'VE DONE YOUR HOMEWORK. You've found a mutual fund that's beating the market. Now comes the surprise: The fund doesn't want your money. In the latest twist to the market's major rally, some fund managers say they can't handle the influx of cash they're getting from investors who are putting money back into stocks. So dozens of funds, from the $1.9 million Highland Healthcare fund to the $3.2 billion Artisan Mid Cap Value fund, have closed to new investors. (Existing shareholders can still add more money in most cases.) Closing the funds, analysts say, might alienate new investors but could avoid creating problems for existing customers. "If the markets sour, then the new investors could pull their money out of the fund, and that would hurt long-term investors," says Jeff Tjornehoj, a senior research analyst at Lipper.
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机译：您已经完成家庭作业。您已经找到了一支击败市场的共同基金。现在来了一个惊喜：该基金不需要您的钱。在市场出现重大反弹的最新转折中，一些基金经理表示，他们无法处理从将钱投入股票的投资者那里获得的现金流入。因此，从190万美元的Highland Healthcare基金到32亿美元的Artisan Mid Cap Value基金，数十种基金已经对新投资者关闭。 （大多数情况下，现有股东仍然可以增加资金。）分析家说，关闭资金可能会使新投资者疏远，但可以避免给现有客户造成麻烦。利珀（Lipper）资深研究分析师杰夫·特约内霍伊（Jeff Tjornehoj）说：“如果市场恶化，那么新的投资者可能会将其资金撤出该基金，这将损害长期投资者。”
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