Marketocracy Funds has closed its ChangeWave Fund less than a year after it launched the product, according to a company filing with the Securities and Exchange Commission.

The Marketocracy’s board of trustees unanimously agreed to terminate the fund effective Dec. 3, 2001. The filing did not say why the fund was being terminated, but it suffered from poor performance since it was first launched on Dec. 29, 2000. Year-to-date, the fund has returned negative 25.06%, according to Morningstar. The fund had $7.4 million in assets under management as of June 30, according to Marketocracy.

The fund, which was managed by Tobin Smith, author of "ChangeWave Investing" invested in companies with strong earnings growth outlooks that were poised to capitalize on industry change stemming from technological and regulatory change, according to the firm.

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