Tech-heavy

(KOPPX)

Kopp Emerging Growth is opening up again, saying it wants to scoff up bargains.

Last year, the small-cap growth fund rode an 80% weighting in tech stocks to a 148% return and

closed on Feb. 7 at the $1 billion asset mark. Many small-cap funds close at $1 billion to $1.5 billion because it's difficult for them to move nimbly among thinly traded small-cap stocks without moving their prices.

The fund reopened Monday, citing a buying opportunity in the tech sector. It seems to be an increasingly popular mantra.

Putnam

reopened three funds for the same reason on April 18. The following week, the

H&Q IPO & Emerging Company

fund

reopened, saying it also wanted to hunt for bargains.

Despite its big tech bet, Kopp Emerging Growth has stuck to its winning ways. Since Jan. 1, the fund is up 29.1%, beating 99% of its peers, according to

Morningstar

.

The fund might not be open for long. Once the fund stays above $1 billion for 90 consecutive days, the firm will set a closing date 30 days later, according to a company official. The fund's assets are currently $1 billion, after briefly dipping below that mark within recent days.

After Months, Calvert Gets Responsible

After touting it for months,

Calvert

has finally launched its new socially responsible index, the

Calvert Social

index. The index will be the basis of socially responsible index funds from the Bethesda, Md., fund complex and from

Vanguard

.

With 468 stocks in the cap-weighted index, Calvert's effort is slightly more expansive than the

Domini 400 Social

index. Like the Domini 400, Calvert's index relies heavily on technology.

The biggest names in the index are likely candidates in most growth funds, including

Microsoft

(MSFT) - Get Report

,

Cisco

(CSCO) - Get Report

,

Oracle

(ORCL) - Get Report

and

Intel

(INTC) - Get Report

.

But the index also includes some prominent technology up-and-comers, including

VeriSign

(VRSN) - Get Report

,

JDS Uniphase

(JDSU)

,

DoubleClick

(DCLK)

and

i2 Technologies

(ITWO)

.

Calvert says it screened 1,000 publicly traded companies. The firm's criteria, among others, included: solid environmental and human rights records, safe working conditions, prompt responses to product safety problems, and active hiring and promotion of women.

Rydex Offers Two Overseas Funds

Rydex

continues to move at a feverish pace to cover the entire market for active fund traders.

The Rockville, Md., fund company is rolling out two new large-cap international offerings on May 8: the

Large-Cap Europe

fund and the

Large-Cap Japan

fund. Both funds will be leveraged at 125%, which means returns -- both the upside and the downside -- will be amplified.

Until now, Rydex has stayed out of overseas investing. It has stuck mainly to long and short index funds and sector offerings. It has 17 sector funds in areas such as banking, Internet, utilities and leisure.

In recent months, Rydex has gone head-to-head with upstart rival

Profunds

of nearby Bethesda, Md. Profunds, a much younger fund company that was started by a former Rydex vice president, already has exposure to Europe and Japan. And last week, it filed for 17 sector funds, largely mimicking Rydex's lineup. Both fund companies are a favorite of active traders because the funds don't charge loads or transaction and redemption fees.

The Europe fund will invest in stocks that are on the

Dow Jones 50 Stoxx

index, a list of 50 European blue chips. Meanwhile, the Japan fund will look at those included on the

Topix 100

index, the biggest stocks trading on the

Tokyo Stock Exchange

. Both funds will charge 1.75% in expenses.

See more of Tuesday's

Fund Openings, Closings, Manager Moves.

See Monday's

Fund Openings, Closings, Manager Moves.