But IPS, which runs the aggressive Millennium and New Frontier funds with pro Robert Loest in charge, and others could have a hard time keeping costs low if investors don't buy in. Funds with smaller assets lack economy of scale, raising their average expenses per share. Believers call the upstart funds a great leap forward, but others wonder if they won't be just short-lived gimmicks that go a bit too far in empowering shareholders. Then, of course, there's also the question of whether letting shareholders extensively participate in fund management is practical. I certainly wouldn't hop into one of these things just because it seems like a neat idea.
Most investors appear to feel the same.
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