Even venerable brokerage Merrill Lynch can't keep an Internet mutual fund alive.
Published:
5 May 2001 y., Saturday
Even venerable brokerage Merrill Lynch can't keep an Internet mutual fund alive. Just a year after its Internet Strategies Fund was created, the investment bank plans to merge it into its Global Technology Fund.
Internet Strategies joins a growing number of Internet funds that have closed or shifted their portfolios. Merrill Lynch's closure of Internet Strategies is the highest profile termination of an Internet fund to date.
In a filing with the Securities and Exchange Commission Friday, Merrill said shareholders will vote on the Internet Strategies-Global Technology merger Aug. 31.
The Internet Strategies Fund made a big splash in March 2000 when it jumped into the scene with $1.1 billion raised in its two-week initial offering period.
But Merrill Lynch couldn't have picked a worse time to launch the Internet-specific fund. The Internet bubble began to deflate over the spring and summer, and finally burst last fall. In early 2000 there were 40 Internet mutual funds, but since then the number has dropped to about 30.
From its date of inception, March 20, 2000, through Thursday, Internet Strategies lost 71.6 percent. That's even worse than the average performance of the remaining 30 Internet funds, which were down 66.6 percent for the same period, according to data from Lipper Analytical, which evaluates funds.
Šaltinis:
CNET News.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
According to the data presented by the Ministry of Finance, in end-January central government debt made up LTL26, 310.8 million or 28% of projected GDP for 2010 (LTL 93, 819 million).
more »
As far as countries affected by the economic crisis, China fared extremely well.
more »
The European Commission has authorised today a Slovak scheme with a budget of approximately €3.32 million which aims at supporting farmers in Slovakia who encounter difficulties as a result of the current economic crisis.
more »
Commission sets out a 10-year strategy for reviving the European economy, casting a vision of ‘smart, sustainable, inclusive' growth rooted in greater coordination of national and European policy.
more »
The European Commission has launched today the Europe 2020 Strategy to go out of the crisis and prepare EU economy for the next decade. The Commission identifies three key drivers for growth, to be implemented through concrete actions at EU and national levels.
more »
Launching of the “SCHOOLS’ initiative for innovation and changes” Grant scheme.
more »
EU Member States must not only deliver on their international aid pledges, but also bring in a financial transactions tax and a temporary debt moratorium, to help developing countries to cope with the effects of the global financial and economic crisis, said the Development Committee on Monday.
more »
The EBRD is increasing its commitments to promote sustainable energy projects in Slovakia with a new €90 million funding under the existing Slovakia Sustainable Energy Finance Facility (SLOVSEFF) to ensure continuous implementation of energy efficiency and small renewable energy projects.
more »
According to the unaudited data, in 2009 AB Bank SNORAS earned LTL 8.7 million profit. The bank’s assets grew by 11 per cent up to LTL 6.342 billion during 2009 and were by LTL 647.8 million larger than at the beginning of 2009.
more »
Aviation security measures that go beyond common EU requirements should be paid for by Member States, not by passengers, said Transport Committee MEPs in a vote on Monday that could put Parliament on a collision course with the Council of Ministers.
more »