A small fund adviser's lack of marketing for two of its strong performing funds has prompted some industry observers to question if the firm is engaged in a strategy to pump up the funds' performance by keeping the asset level in the funds low.

The American Eagle Capital Appreciation Fund and the American Eagle Twenty Fund were launched last December by Jundt Associates of Minneapolis, an investment adviser with nearly $400 million in assets under management. Both funds have had strong performance, posting 105.43 and 81.79 percent returns respectively, as of Oct. 3, according to Marcus Jundt, the chairman of the firm.

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