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Market Update

Strong Cries Yahoo!

The Strong fund family jumps on the Internet bandwagon.

Never one to pass up a market trend, the Strong family is suddenly embracing the technology sector with a vengeance.

According to a recent filing with the SEC, Strong Capital Management is looking to launch an Internet fund. This follows on the heels of the firm's October request to introduce two other tech-centric funds: Strong Technology 100 and Strong Technology Index Plus Fund.

Technology funds have been on an incredible tear this year. Through the end of last week, the average technology offering was up an astonishing 97.61% for the year. Many funds that focus on the Internet have fared even better. The Internet Fund (WWWFX), for instance, is up more than 150% for the year through November 26 and the Monument Internet Fund (MFITX) has gained an eye-popping 192% for the same period.

In light of the recent filings, it seems reasonable to question whether Strong is getting in at the top. Many technology stocks sport stratospheric valuations; if the sector were to undergo a severe correction, these nascent funds could have a rough go of it.

Certainly, though, Strong isn't the only fund family out there to be lured by the Internet phenomenon. Even Baron, a historically tech-averse shop, has an Internet fund in registration.