Rushing To Play The Net Without A Safety Net

Internet-only funds promise big returns--and bigger risks

Investors eager to profit from the dot.com craze but wary of buying individual stocks are flocking to Internet mutual funds. Since mid-December, they have poured $1.3 billion into this small but sizzling fund category. No wonder: Internet funds delivered stratospheric returns in 1999. The best performer of the bunch, Monument Internet Fund, surged 273% last year, followed by Internet Fund, which was up 216%.

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