Baillie Gifford is to soft-close its emerging markets growth fund in April, after it recently passed the £1bn mark.
The team says liquidity has become a problem, making it necessary to take significant positions in smaller companies.
The fund is to close on April 6. The full initial charge of 5 per cent will be applied for class-A retail shares and 1 per cent for class B institutional shares for all new investments as a means of soft-closing the fund. The charge will also apply to investments through platforms.
The fund, which is managed by Richard Sneller, is second quartile in the IMA global emerging markets sector over three years, returning 32.3 per cent compared with a sector average of 27.5 per cent.