Another Pure-Play Internet Fund Bites the Dust
Monument Internet changes name to Monument Digital Technology.
Pure Internet funds are starting to disappear as quickly as they appeared. Close on the heels of the demise of one Net fund, one of the first Internet funds to hit the mutual-fund market, the Monument Internet Fund (MFITX), has renamed itself the Monument Digital Technology Fund.
The name change reflects the evolution of the fund and the Internet, said David Kugler, chief executive of the Bethesda, Md.-based Monument Funds Groups. Earlier this year Monument Internet already was trimming its positions in internet content providers and investing in more companies like Sun Microsystems [ticker sunw] and Cisco Systems (CSCO) that make the software and hardware that support the Internet. The fund has been buying more of these indirect web plays over the last six to nine months. Since May, Internet infrastructure providers like Ariba (ARBA), EMC (EMC), Broadcom (BRCM), Verisign (VRSN) and Inktomi (INKT) have moved into the fund's top ten holdings. "We don't want people to think we're focused on dot-coms in the fund when we've matured, just as the Internet has," Kugler said.