Few funds have had as wild a ride or are such a study in contrasts as the Jacob Internet Fund, New Jersey's Daily Record reports.

At the height of the Internet bubble, the fund had $300 million in assets and was returning triple-digit returns. Then, in 2000, it declined 79% in value and investors began heading for the doors.--the beginning of a downward spiral that took the fund down to a mere $10 million in assets.

Today, it has $71 million under management and is branded with five Morningstar stars, the highest rating. It is up 1.7% this year, while Nasdaq has declined 3% and most other technology funds are down 10% or more. At the same time, because of its tremendous volatility, Morningstar says this is a fund to avoid.

Ryan Jacob, the fund's portfolio manager, attributes his success to going after value stocks, focusing only on 40 to 50 stocks, turnover of 100% or more, talking to management and investing in stocks of all market cap sizes.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.