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Chase Fleming Rolls Out New Technology Fund

The latest tech offering may have a small- and mid-cap bent.

The record number of tech funds launched this year just went up by one.

On Monday

Chase Fleming Asset Management

, a

Chase Manhattan


money management subsidiary, announced the launch of the broker-sold

Chase Fleming H&Q Technology

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fund. Run by T. Gary Lieberman, the fund will invest in tech companies of any size, but might have a bent toward small- and mid-caps, according to its prospectus. The fund can invest up to 20% of its assets in foreign tech stocks too.

More than 60 of the 150-some tech funds out there have launched so far this year. That's far and away a record, which might actually have

gloomy implications for the sector because a gush of new funds in a sector often presages below-market returns for that sector.

This fund is different from some Johnny-come-latelys in that its manager isn't a rookie. Lieberman joined the firm in 1995 as a small-cap tech analyst and has run an offshore fund investing in U.S. tech stocks for foreign investors since 1997, according to the new U.S. fund's filing with regulators. The filing doesn't list that fund's performance.

The new fund isn't the cheapest on the shelf. Its Class A shares levy a maximum 5.75% front-end load or sales charge. Its Class B and Class C shares carry a maximum back-end load of 5% and 1%, respectively.

Annual expenses are expected to be 1.85% on Class A shares and 2.35% on Class B and Class C shares, compared to 1.75% for the average tech fund, according to