No more tears for
Internet fund lovers. The fund will reopen to new investors Tuesday after a shareholder vote to increase the number of shares it can sell passed "by an overwhelming majority" Monday, says Jim Doyle, a lawyer for the fund.
The fund closed temporarily March 15 after it ran out of the 10 million shares that it was originally authorized to sell. Monday's vote increased authorized shares to 50 million. "We are going to start accepting trades tomorrow," Ryan Jacob, the fund's manager, said Monday.
The Internet fund has a year-to-date return of 88.3%, according to
In a separate development, Internet fund shareholders will be asked to approve a new investment adviser following a March 12 agreement to sell the fund's adviser,
Kinetics Asset Management
Lepercq, de Neuflize
, a New York-based asset management group.
Lepercq says that Jacob will remain at the helm of the Internet fund after the sale and that the firm plans no changes. "Lepercq has the ability to continue to run the fund well," says Doyle. "We feel the fund is in good hands."
Meanwhile, the family behind Kinetics Asset Management won't be taking it easy after the sale. Members of the Doyle clan, who launched the Internet fund from humble offices in Babylon, N.Y., are planning a second retail mutual fund. The new fund will invest in the medical and biotech industry. While the fund is in registration, details are thin, but the advisers say they are hoping for launch in about a month.
Asked what the family -- who had never before managed a mutual fund -- learned during the Internet fund's rapid rise to a 475% return since its Oct. 21, 1996, inception, Doyle responded: "That America's a great country."