Firsthand Capital Management of San Jose, Calif. has announced that the Firsthand Technology Innovators Fund will reopen to new investors on Feb. 1.
The fund was launched in May 1998 and closed to new investors in December 1999. It currently has approximately $325 million in total assets, according to Firsthand Capital Management. The fund invests in companies in high-tech industries that Firsthand believes are best positioned to introduce successful new technological products, according to the company. The fund invests up to 63 percent in micro- to mid-cap companies.
The fund closed in December of 1999 to make sure it remained small enough to invest in small-cap stocks and not grow so large that it would start owning stocks in large companies, said a spokesperson for Firsthand. After the technology correction last year, the assets of the fund have come down.
"There's no longer concern that assets will pour into the fund and make it too large and that's why the fund will reopen to investors this coming February," the spokesperson said.