Fund Openings, Closings, Manager Moves: Rydex Adds Net, Utilities Funds

Mutual fund market timers finally have a quick way into and out of the Internet sector. Rydex launched a quasi-index Internet fund Thursday, as well as a utilities fund earlier in the week.

Rydex, of Rockville, Md., is one of a handful of fund companies that's friendly to market timers, even as others have declared war on the active investor. Its funds, which mainly appeal to professional money managers, are used to moving into and out of markets as business cycles change.

The firm doesn't charge transaction fees to move between funds and doesn't place restrictions on trading. But retail investors must come up with a hefty $25,000 minimum. ...