IPOs for Financial Fashionistas

If after you've investigated an upcoming IPO you realize you don't have an account with the corresponding banker, try opening one before opening day. If you offer up enough money, you may still be able to get a piece of the deal.

And don't dismiss the online brokers. Their share-allocation system is less tied to your bankroll. Some firms will give you shares because you trade frequently or because your trading activity is profitable. So be sure to check out the IPO rules at the online brokers.

If that doesn't work, try the fund world. For direct exposure, you can try Renaissance Capital's (IPOSX)IPO Plus Aftermarket fund, which is up about 5% this year. It focuses solely on IPOs, so it's meant to be small percentage of a well-diversified portfolio, says Smith.

Other funds focus more on the small-cap world, which is where many IPOs germinate. The (ASCGX) Adams Harkness Small Cap Growth fund, run by veteran Mary Lisanti, has been around for only about 18 months but is up 7% for the year. And check out the ( KAUFX) Federated Kaufmann fund. It too focuses on small-cap offerings, is up about 5% for the year and gets four stars from Morningstar.

IPOs are back in vogue, so in an effort to stay ahead of the trends, be sure to add something metallic to your wardrobe this fall and keep the IPO world on your radar screen.

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