Another Fund With 'Internet' in Its Name Is Going Away

It seems like a wilting Internet fund goes the way of Pets.com every day.

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The struggling (SNETX Quote)Strong Internet fund will close to new investors on Friday and the fund's few shareholders will soon get a proxy due July 20 asking them to approve the fund's merger into the (STEKX Quote)Strong Technology 100 fund, according to paperwork filed with regulators yesterday. The fund, run by James Houlton since its launch at the start of 2000, is down 58.1% over the past 12 months, trailing 86% of its tech-fund peers, according to Morningstar.

The fund is just the latest Net-centric offering to throw in the towel. The move highlights the dangers of investing in a niche fund that zeroes in on a slice of one industry sector. ...