StockJungle.com of Culver City, Calif. has added its own contribution to a new concept in the industry, a concept StockJungle.com calls, "naked mutual funds."
StockJungle.com is applying the term "naked mutual funds" to the four funds it began offering last week to signify how "open, honest, upfront, direct StockJungle.com is, literally, with nothing to hide," said Jeff Lloyd, vice president of marketing.
StockJungle.com, which is offering its funds exclusively over the Internet, is trying to erase any barriers between investors and the funds' portfolio managers by posting changes to the portfolio and all fund holdings each day, Lloyd said. StockJungle.com is also charging a management fee of only one percent on three of its funds - its Pure Play Internet Fund, Market Leaders Growth Fund and Community Intelligence Fund - and no charge on its S&P 500 Index Fund, Lloyd said.
The only other mutual fund complex to post portfolio managers' activities on the web has been MetaMarkets Investments of San Francisco.