Those crazy IPOs, one day they're up, the next they're down -- one month they're bundled in an new mutual fund and the next month, it's closed! Hambrecht & Quist said today that it will be closing its H&Q IPO & Emerging Company Fund to new investors at the end of 1999.

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Since the fund was launched on October 29 it has attracted over $330 million. David Krimm, president of Hambrecht & Quist Fund Management and the Fund's investment adviser told the MFWire.com, "I had hoped it would reach $100 million quickly because that's when a fund starts to become profitable, but to reach $330 million in the first month wasn't in my wildest dreams."

When the fund was first launched, H&Q it pledged to close the fund upon reaching $300 million in assets. As of November 29, 1999, the Fund had approximately $330 million in assets and will be closed to all new investors at the close of December 30, 1999.

"The idea had a strong resonance with investors looking for a fund that invests in IPOs in a quantitative manner," Krimm said. "Even if an investor can get an allocation, it might only be once or twice a year, so access to more IPOs was a strong atteaction for the fund. The fund offers many allocations and pro management."

When the fund was opened last month the NAV was 10 -- at the end of the day yesterday it stood at 12.38 or more than a 20% increase.

A mirror fund will not be opened Krimm said but "we are in discussion about what funds we might offer in the first half of next year."

The H&Q IPO & Emerging Company Fund was H&Q's first open fund -- it also has two closed-end funds. 

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