othing but net has become ... well, nothing. The Wescott Technology Fund, which began life as the Wescott Nothing But Net fund is being liquidated by its directors.
The fund has just $60,000 in assets, making it unviable going forward, the firm explained in an SEC filing announcing the decision. So far this year the fund had lost more than 42 percent in value. Since its launch, the fund is down more than 85 percent.
Wescott launched the fund in January 1999 at what in retrospect was the peak of the dotcom mania. The fund changed its name last year as the advisor attempted to diversify the fund's investments into a broader selection of technology stocks.
It was unable to shake it abysmal track record, though, and continued to shed assets.
Remaining shareholders will have their shares redeemed.
Stay ahead of the news ... Sign up for our email alerts now