Kinetics Asset Management of White Plains, N.Y., best known for its flagship Kinetics Internet Fund, which captured more than $1 billion in assets with funds that had eye-popping triple-digit returns in 1998 and 1999, has found its popularity waning. After being passed over in a merger deal with another fund complex for the second time in three years, Kinetics is revaluating its fund offerings, its distribution options and its future.

That soul searching has prompted the fund advisor which, in February of 2000 was named the fastest growing asset management firm by Strategic Insight of New York, to close four of its 11 mutual funds in mid-November amid a lack of investor interest, poor performance and dwindling assets.

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