ING Funds Trust of Philadelphia, Pa., made its ING Internet Fund available to the public on July 6. But already, the fund company is talking about closing the fund.
"We will be closing the ING Internet Fund as soon as it reaches the $500 million mark in assets [because] we can offer the best performance to our shareholders at this level," said John Pileggi, president and chief executive officer of ING Funds.
The fund will seek to provide investors with long-term capital appreciation. It will invest at least 65 percent of its assets in equity securities of Internet technology companies in the U.S. and abroad. ING defines Internet companies as those directly related to the Internet, those doing business over the Internet or those consulting other companies about the Internet. Pileggi said the fund is a "pure" Internet fund.