It may be a shaky market for tech stocks, but that hasn't stopped

Turner Investment Partners

from rolling out three new growth funds.

The fund shop that's posted fat returns in recent years thanks to its tech expertise launched the

Global Top 40

,

B-to-B E-Commerce

, and

Wireless & Communications

funds this week.

TheStreet.com

previewed the funds on April 3. Two international growth funds,

International Opportunities

and

International Discovery

, may follow this summer.

If there's a broader message to the three funds' launch, it's probably that pros known for their tech acumen are increasingly focusing on wireless technology, which helps cell phones and handheld devices manage schedules and connect to the Internet.

There are currently

two funds out there that focus strictly on wireless stocks and

Fidelity

is planning to

launch another in September. Also, wireless stocks like

Nokia

(NOK) - Get Report

are top holdings in several

Janus funds.

whatifi.com Hires Barclays to Run Funds

Fledgling online money manager

whatifi.com

has tapped index-fund titan

Barclays Global Fund Advisors

to run their first four stock and bond funds.

Barclays, the world's largest institutional money manager with some $780 billion under management, will run the

Whatifi S&P 500 Index

,

Whatifi Extended Market Index

,

Whatifi International Index

, and

Whatifi Total Bond Index

funds, according to preliminary paperwork filed Wednesday with the

Securities & Exchange Commission

.

Via its

Web site, whatifi.com, which is geared toward young professional types, plans to offer a host of financial services, including financial advice and its own line of mutual funds.

The funds will track the

S&P 500

,

Wilshire 4500

,

Morgan Stanley Capital International EAFE

, and

Lehman Brothers Government/Corporate Bond

indices, respectively. Thanks to San Francisco-based whatifi.com's plan to subsidize some fees, each no-load fund's expenses will be 0.55%. Each will also levy a 1% redemption fee on shares sold within 90 days of purchase.

While the funds' expenses are lower than the average stock and bond funds in their category,

Vanguard

offers similar funds with lower expenses.

Leuthold Weeden Shoots for Bears and Bulls

Leuthold Weeden Capital

has rolled out two new funds: one for bears and one for bulls.

On June 15 the small Minneapolis shop launched the

Grizzly Short

fund and the

Leuthold Select Industries

fund, according to a Wednesday company announcement. The Short fund will essentially bet against a market rise by devoting its assets primarily to short positions, which allow investors to profit from falling stock prices. Shorting is essentially the practice of borrowing a stock at its current price, promising to return the shares down the road. If the stock's price falls in the meantime, you turn a profit by paying less for the shares you borrowed. Of course, if it rises, you lose money.

The Select Industries fund follows a sector-rotation strategy. Using quantitative models, the fund's managers will try to identify sectors, subsectors, and other stock groupings they think are poised for growth. The all-cap fund will rotate among these sectors, trying to focus on the hottest areas at any given time.

The short fund's prospectus includes the performance of a short portfolio the managers have run for private account holders. From 1995 through 1999, the strategy failed to post a positive calendar-year return. In 1994, the strategy did post a 2.7% return, topping the S&P 500's 1.2% gain.

Due to its strategy, the sector-rotation fund might have high turnover and could get hurt if the managers' quantitative models point to the wrong blend of sectors.

Steven Leuthold and Charles Zender co-manage the Short fund and Leuthold pairs with James Floyd to run Select Industries. Leuthold has a solid track record on his other retail fund,

Leuthold Core Investment

. The fund, which blends stock and bond investments, has averaged a 14.3% gain over the past three years, according to

Morningstar

. That beats more than 85% of its peers and trails the S&P 500 by 4.4 percentage points.

Neither of the new funds will impose a load or sales charge. The Grizzly and Select Industries funds' annual expenses are expected to be 2.5% and 1.95%, according to the fund's prospectus. The average domestic stock fund's expense ratio is 1.38%, according to Morningstar.

See Wednesday's

Fund Openings, Closings, Manager Moves.