Just when you thought the tech-fund shelf was completely full, another one comes around.
On Thursday, Los Angeles fund shop
announced plans to launch the
TCW Galileo Technology
fund on Nov. 1. The new fund will be simply the latest in a stunning gush of tech funds.
On the heels of record inflows and a stunning 135% average return, tech-sector funds have been all the rage. Eager for a piece of the action, fund companies have tripped over themselves launching new tech-focused funds. More than 60 of the category's 110 funds launched in the last two years, according to
no-load fund will essentially cull top tech and telecom stock picks from the firm's other aggressive stock funds:
Small Cap Growth, and
Large Cap Growth. The managers who work on those funds, Douglas Foreman, Christopher Ainley, and Wendy Barker, will hold the reins of the new tech sector fund.
The fund might be an intriguing choice, since each of those three tech-heavy growth funds has built a solid track record either on its own or via an institutional clone of the retail fund. Its annual expenses are also set at the category average at least through Oct. 31, 2001, according to its prospectus.
Still, there are a number of other tech funds that already have established impressive track records.