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Technology > Marketing Technology

Amerindo Set to Fold Two Funds

By Staff Writer

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May 16, 2003 — Two Amerindo mutual funds that debuted just as the technology bubble was bursting are about to go poof.

The small, struggling Amerindo Internet B2B Fund/D (BTBDX) and Amerindo Health & Biotechnology Fund/D (DNADX) will be combined with Amerindo Technology Fund/D (ATCHX), subject to shareholder approval.

The funds slated to be merged out of existence were introduced three years ago. Although both have posted gains recently, they suffered losses in each of the last two years.

The Health & Biotechnology fund returned 16.5% this year through April, while the average health care fund was up 7.2%.

The Internet B2B returned 17.7% through the first four months of this year while the average technology fund was up 9.3%.

By contrast, the Technology fund returned 37.5% through the first four months of this year. The fund lost an average annualized 2.9% for the five years ended in April, compared to a 5.5% loss by its peers.

The combined fund would have about $90 million in assets, which would enable it “to take better advantages of economies of scale,” thus helping to hold down fees and expenses, Amerindo Funds said in a regulatory filing. The fees and expenses could decrease as the surviving funds’ assets increase, the company added.

Officials of Amerindo Funds could not immediately be reached for comment.

The Technology fund would be the only mutual fund offered by Amerindo following the proposed merger.

All three funds are managed by Alberto Vilar, the president of Amerindo Investment Advisors Inc., and Gary Tanaka, a vice president and director of the New York-based firm.

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