When Ryan Jacob became portfolio manager of The Internet Fund in late 1997, he thought it would be a lark. He never expected a fund that had only $200,000 in assets under management would achieve a return in 1998 of 196 percent, 113 percent in the first six months of 1999 and grow to $700 million in assets under management.

"It clearly exceeded everyone's expectations," Jacob said. "I just thought it would be interesting and fun."

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