The Fidelity New Millennium Fund was introduced in 1992 and several other funds have been launched with similar intent, such as T. Rowe Price New Era Fund and Neuberger Berman Millennium Fund. But with the new millennium actually upon us, the concept has taken hold among investors. FRC expects more products with the New Era characterization to be launched in 2000. Nearly as much focus, though, went to those firms that didn't launch Internet funds. Internet funds distributed through the wholesale channel elicited the most sales success in 1999 among the concentrated tilt group.
Effective distribution is a key with concentrated tilt funds.
Many firms are filing with the SEC to launch Internet funds in 2000, including such better-known firms as Merrill Lynch, Strong, and Baron. Such existential questions have not stopped several firms from taking the concentrated tilt concept a step further. In January, Kinetics launched four specialized Internet funds, which augment the firm's offering of The Internet Fund, one of the three original Internet-oriented funds. These super-concentrated tech tilts are The Internet Infrastructure Fund, The Internet Emerging Growth Fund, The Internet Global Growth Fund, and The Internet New Paradigm Fund. Munder has also filed with the SEC to launch International NetNet, a global version of its hugely successful domestic Internet fund.