In an effort to take advantage of the red-hot tech sector, both
Merrill Lynch and the
Baron Capital Group are launching new Internet funds.
Baron's effort will be called the
Baron iOpportunity Fund, and will potentially chart a safer course than some all-out technology funds. "We believe this fund will be different than other Internet funds," says Morty Schaja, president of Baron. "The fund will invest in businesses with open-ended opportunities resulting from the rapidly changing information technology environment, and not just new dot.com companies." The fund will be no-load and will be co-managed by
Mitch Rubin and
Matt Ervin. The initial subscription offer is available through
Schwab and Baron Capital.
Merrill is jumping on the dot.com bandwagon with the
Internet Strategies Fund, which will likely open in March. The new fund is part of Merrill's effort to bolster its offerings of growth funds. Merrill's emphasis on value stocks has crimped returns as of late, and caused a net withdrawal last year. The fund will be managed by
Paul Meeks.
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