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Oak Associates Plans Tech and Telecom Fund

The offering will focus on small companies in hot sectors.

The forest of tech funds offered by

Oak Associates

is getting thicker.

The Philadelphia-based growth shop has filed paperwork for the

Black Oak Emerging Technology

fund with regulators. The firm hopes to launch the no-load technology and telecommunications fund at the end of the year, according to the paperwork.

Jim Oelschlager and Thomas Hipp will hold the reins of the high-octane fund, which will make big bets on small, young companies in hot industries like data networking, fiber optics and wireless communications. Investing in small-cap stocks can be risky, since they tend to be more volatile than established firms, so holding a concentrated portfolio of small-caps really ratchets up the fund's potential risks.

That said, if you're a long-term investor, Oelschlager's presence at the helm might make this fund worth a look. Oelschlager co-manages the tech-heavy large-cap growth

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White Oak Growth Stock and mid-cap growth

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Pin Oak Aggressive Stock. Each fund has most of its assets sunk into tech stocks and each has beaten some 95% of its peers over one-, three- and five-year periods, according to



He also co-manages

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Red Oak Technology Select, which boasts a 150% 12-month return that beats virtually every tech fund. The new fund's filing doesn't list previous portfolio management experience for Hipp, but says that he's been an analyst with the firm for seven years.

The no-load fund is cheaper than most tech funds on the shelf. The fund's estimated expense ratio would be 1.2%, but Oak will cap its expenses at 1% for its first year. Both figures are below the category's 1.74% average.