GGOF Guardian Group of Funds (GGOF) today announced that it will close its GGOF Monthly Dividend Fund Ltd., to new investors on March 12.

GGOF says it is capping the fund before it reaches a size at which full investment flexibility would be compromised.

“The fund has been growing rapidly through significant net sales and has now reached approximately $440 million. Should sales continue at this pace, our portfolio advisor’s ability to maintain the desired portfolio may be challenged. The capping is also the result of an increasing shortage of high quality exchangeable, retractable preferred shares,” said Gavin Graham, VP, director of investments, GGOF, in a release.

Although the fund is being closed to new investors, existing shareholders will be allowed to continue investing.