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 Marketocracys 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.