Bay Isle, the $438 million dollar San Francisco asset manager has sold its
InformationTech 100 Fund to the
Berger Funds. The two year old fund has been renamed the
Berger Information Technology Fund and will continue to be managed by
Bill Schaff, the fund's manager at Bay Isle.
The fund has not had great success gathering assets up to this point with only $17.5 million under management, but has had solid results over its lifetime, with a 54.6% total return since inception and a 21.8% return so far in 1999.
Schaff's investing style is relatively long-term for a sector that can often have funds with triple digit turnover rates. The annual turnover for the Berger Information Technology Fund of approximately 35% makes the fund more tax efficient than the typical technology fund.
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