Columbia Funds, in Portland, Oregon, has opened two no-load funds and has unveiled a new strategy for an existing fund. In addition, the firm has capped its management fee for the Short Term Bond Fund 75 basis points, as a part of a change in strategy. The firm manages $22 billion in assets.

The Technology Fund is the company's first dedicated foray in the field, although it has used "the Technology Age" as an investing theme for the past several years. This rookie appearance of a tech fund in Columbia's line-up may seem mistimed, both late in capitalizing off of the tech surge and in the midst of sector uncertainty.

"We have been providing access to the technology area through other offerings," asserted Columbia spokeswoman Kathleen Griffin. Nonetheless, Griffin also explained that the new fund was opened to satisfy customer demand. Despite double-digit falls in the technology area, Columbia remains confident about its new sector fund. "I think everybody will agree that technology will be with us for a long time," Griffin said.

The fund will be managed by Chad Fleischman and Steve Marshman. Fleischman has been analyzing large cap tech funds for Columbia. The Columbia Strategic Value Fund is designed to accrue long-term growth in sleeper stocks. The company warns that, because of the long-term focus, the under-performers may drop in value before yielding a return.  

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