I think that reflects something of the peculiar allure of closed funds. Sometimes there is, often there isn't.
Closing is a sign of success, but it usually comes after the real glory days have passed.
For example, if fund managers rapidly trade a small number of small-company stocks and are successful, investors will likely take notice and throw money at those funds. Faced with a growing asset base, these managers may have to increase their number of holdings, slow their trading pace, invest in larger companies, or all of the above. That creates a tension between the manager who takes pride in crushing the competition and the fund company that makes more money when assets increase. It's no wonder, then, that funds often close when the damage is already done. Meg, as of trying to prevent the situation from worsening.