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January 17, 2003 at 07:00 PM
Jan. 16, 2003 — The $9.5-million Marketocracy Medical Specialists Fund (MSFQX) will be merged into the broader $20-million Marketocracy Masters 100 Fund (MOFQX), according to an SEC document filed today.
Ken Kam, president and founder of Marketocracy Funds, oversees both portfolios.
In an earlier SEC filing, Marketocracy cited the “challenging regulatory environment for medical and health care companies in recent years,” which has resulted in “fewer and delayed new drug approvals.” Marketocracy said this has made it difficult for the Medical Specialists fund, which focuses on some of the more aggressive segments of the medical and health care fields, “to find and invest in companies unaffected by the recent regulatory difficulties.”
The Medical Specialist fund, which invests primarily in medical/healthcare stocks, plunged 42.6% in calendar 2002, while the average health care fund dropped 30%.
