is planning to launch a tech fund in December with two of its small-cap stock pickers at the helm.
The Salt Lake City, Utah, shop doesn't get points for originality. The no-load
Wasatch Global Technology
fund will be just the latest of a record
gush of new tech funds companies have launched on the heels of last year's stunning inflows and performance -- the average tech fund shot up 135% last year. This year has been a different story with the average tech fund down 1.3% since Jan. 1, according to
The fund will have the broad leeway to invest in domestic and foreign tech stocks of any size, but it will typically focus on small- and mid-cap stocks, according to preliminary paperwork filed with regulators Tuesday. Karey Barker and Ajay Krishnan, co-managers of the humbly named
Wasatch Ultra Growth fund, will run the new tech fund.
Barker has held the reins of the Ultra Growth fund for five years with Krishnan joining her as co-manager at the start of this year. The fund has a taste for tech and biotech -- more than 75% of the fund was invested in the two sectors at the end of August -- and has had mixed results.
Over the last five years its 14.8% annualized return trails 74% of its small-cap growth peers, but its 16.3% annualized return over the last three years is slightly above average and narrowly beats the
The no-load fund isn't necessarily going to be the cheapest on the crowded tech-fund shelf. Thanks to an expense reimbursement, the fund's annual expenses are expected to be 1.95%, compared to 1.72% for the average tech fund, according to Morningstar.