Black Oak Emerging Tech Fund Is Opening for Business

The fund, which launches Dec. 29, enters a tough tech market.
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After a tough year for tech stocks, the

Black Oak Emerging Technology

fund is taking its first steps out of the forest.

The

no-load fund, which

Oak Associates

will launch Dec. 29, started taking offers for prelaunch shares at $10 each on Dec. 1, according to a company statement posted to the firm's Web site. The fund's subscription period will close just prior to its launch. The fund, which

TheStreet.com

previewed Sept. 19, will primarily invest in small, young tech companies in industries like networking and wireless communications, according to its filings with regulators.

Despite this difficult year -- the average tech fund is down nearly 31% for the year, according to

Morningstar

-- the fund will probably get a lot of attention. That's because highly regarded manager James Oelschlager will be at the fund's helm with analyst Thomas Hipp. Oelschlager also runs the tech-laden big-cap growth

(WOGSX) - Get Report

White Oak Growth Stock fund and the mid-cap growth

(POGSX) - Get Report

Pin Oak Aggressive Stock fund -- two of the industry's hottest performers in recent years. Both funds have also managed to beat their average peers' this year.

Oak Associates is often compared with top-selling

Janus

funds because both firms' growth managers are known for making big tech bets. Janus is running a December subscription period for its own new growth fund,

Janus 2, prior to its launch at the end of the month.