he Monument Funds
want the hot money ... Not only are they trying to get the money to race their way, but they're offering a deep discount. The company will allow any shareholders of Internet or technology funds to transfer shares to the $50 million Monument Internet Fund
with no sales charge until August 1st
, president of the Monument Funds Group, sees the departure of Ryan Jacobs
from the Internet Fund as a major foot in the door for the lesser known Monument Internet Fund, and he characterizes his fund as the only other "pure play" net stock mutual fund.
"In our opinion, Monument senior portfolio manager Alexander C. Cheung is now clearly the leading manager of 'pure play' Internet stock mutual funds," said Kugler.
TheStreet.com might disagree, as it recently called the tiny Unified Select Internet with its 35 basis point expense ratio "the cheapest pure-play
Internet fund, hands down."
Regardless, Kugler says that shareholders in all existing Internet stock or technology funds will be able to transfer share proceeds to Monument Internet Fund shares through August 1, 1999 with no sales charge. Current shareholders in Internet or technology funds can accomplish this either through their financial advisor or by contacting Monument directly.
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