The Moneypaper, a newsletter based in Mamaroneck, NY, has started a new no-load mutual fund which is based on the newsletter's 63-stock index of companies that have low or no-cost dividend reinvestment plans. The company announced plans to start the fund in the fall.

The index includes companies like Coca-Cola, Intel, Johnson & Johnson, Paychex, Sara Lee and Tyco International. The index has outperformed the Dow Jones Industrial and S&P Index since its inception in 1994, logging a gain of 175.51% through Dec. 31, 1998.

The new fund, called the MP63 Mutual Fund, aims for zero turnover and full reinvestment. The fund will strive to keep expenses low and will not levy 12b-1 fees.

The minimum initial investment is $1,000.

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.