Investors of the Firsthand Funds' Medical Specialists Fund are in for a surprise. Kendrick Kam, one of the fund's two portfolio managers and president of Interactive Research Advisors, the fund's adviser, is launching his own investment advisory firm and intends to take the $6 million fund with him.

On July 15, Kam filed a registration statement with the SEC for his six-day-old, new investment advisory firm, Ingenuity Capital Management, to be based in Los Altos, Calif. Kam will manage the Medical Specialists Fund under the Ingenuity Capital Trust moniker.

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