MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, November 4, 1999 Odd Lots, November 4, 1999 Internet used as asset gatherer From The Wall Street Journal The Internet is the hottest and fastest growing category of mutual funds. There are presently 12 mutual funds that focus on Internet stocks, and 16 more in registration with the SEC, including three that will track various Internet indices, according to Morningstar Inc. Many fund firms are struggling to bring in new money and the Internet is an easy solution. Some of the folks cooking up these new funds are: BZW Barclays Global Investors, Baron Capital Management, Firsthand Funds and Enterprise. Investors put a net $1.78 billion into money market funds in the week ended Wednesday, according to IBC's Money Fund Report. The modest inflow came just about equally from individual investors and institutions. Individual investors added a net $893 million into taxable money market funds and while institutions added another $759 million. Group passes objectivity rules From The Wall Street Journal The American Institute of Certified Public Accountants, approved new requirements intended to add to auditors' objectivity when auditing public companies. The new rules say auditing firms must set up an internal computer database of all restricted investments in corporate audit clients. The firms are also required to establish independence policies governing financial relationships, such as loans and brokerage accounts, between restricted companies and the auditing firm, its benefit plans, and its staffers, as well as staffers' close relatives. The new rules will become effective Jan. 1. Drug funds remain ill From The Los Angeles Times Although drug stocks have recovered from a heavy downturn, shareholders of health-care sector mutual funds continue to suffer. The average U.S. diversified stock fund is up more than 10% year to date through Tuesday, but the typical health-care fund is down nearly 2%, according to Morningstar Inc. Even though there has been a 19% rise in drug stocks since Aug. 11, the Standard & Poor's index of drug stocks is still off nearly 4% since the beginning of the year. Nearly half of the average health-care fund's assets are tied up in drug stocks. Nasdaq is hot, hot, hot From The Wall Street Journal As the Nasdaq breaks records many investors might be tempted to invest in a Nasdaq-based index fund. Believe it or not there are only a few funds and fund-like investments out there, all of them focused on the top 100 of the 5,000-plus stocks that trade on the Nasdaq. Investors have poured $2.7 billion into shares of the Nasdaq 100 tracking stock. The $1.5 billion Rydex OTC has done well also; it is up 42.9% compared to the 43.1% price climb of the actual index, as of Tuesday. The $75 million Potomac OTC Plus fund and the $337 million ProFunds UltraOTC fund are other funds that have performed exceptionally well. Printed from: MFWire.com/story.asp?s=25100 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |