Looks like

Columbia Funds

is covering all the bases -- launching both a value fund and a tech fund.

On Monday, the Portland, Ore.-based firm announced the launch of two new no-load funds:

Columbia Strategic Value

fund and

Columbia Technology

fund. The two funds cover two sides of the investment spectrum. Value funds are essentially bargain hunters combing through the stock market looking for undervalued stocks, while a tech fund is firmly in the growth-investment style -- seeking fast-growing tech shops with far less regard for valuation.

That's not to say the value fund won't be aggressive. The fund can invest in companies of any size, but its prospectus says that it will probably have a bias toward small- and mid-cap stocks, which tend to be more volatile than big caps. The tech fund has similarly broad leeway with clearance to invest in companies of any size. It can invest in biotech stocks, in addition to more traditional tech subsectors.

Bob Unger, who joined Columbia in 1984 will run the value fund, while the technology fund will be skippered by Chad Fleischman, who joined the firm in 1988, and Steve Marshman, who joined the firm in 1992. While the prospectus says all three have portfolio-management experience, it doesn't say which mutual funds they've run in the past. The trio isn't listed as managers of any Columbia funds in

Morningstar's

Principia database.

The two funds are cheap relative to their peers. The value fund's annual expenses are expected to be 1.31%, below the average value funds' 1.38%. The technology funds' 1.44% expense ratio is below the average tech fund's 1.68% expenses.