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Business Insider
2/16/2022

Two small-cap stocks to look out for in 2022.   Amid predicted rate hikes this year, Jacob points out the better outlooks for small-cap stocks in comparison to large-cap stocks,and notes a few that see particularly robust growth.

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Barron's
2/11/2022

How Jacob Internet Fund stacks up against similar Ark Fund.   Ryan Jacob reviews his investing strategy, noting key lessons he learned from the 2000 and 2008 market crashes that have helped guide him, especially in difficult markets. See disclosures***

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Bloomberg
2/8/2022

Meta’s stock collapse deviates from FAANG stocks’ and the industry’s performance as a whole.   Meta’s struggles including trying to continuously expand its user base to compete with new companies has slashed its stock price. Although dramatic, Jacob indicates the market’s reaction to Meta is not unwarranted given the issues they have been facing.

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Barron's
2/2/2022

ARK’s variable performance over the past few years emphasizes the nature of innovation funds and what we can learn from them.   The ARK innovation fund illustrates the importance of acknowledging risk, as Jacob highlights, as well as being cognizant of short term market trends and how that might impact the fund’s stocks in the long run.

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The New York Times
1/25/2022

The turbulent stock market seeks a floor, creating an opportunity for investors.   The exceptional volatility in the markets has driven many companies downward. Ryan Jacob discusses how investors can pursue such companies that are positioning themselves for a rebound.

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The New York Times
1/24/2022

How the market is reacting to the return to normalization.   The market pending the Federal Reserve’s policy meeting and tensions between Russia and Ukraine has worried investors, causing a massive sell-off dipping the market into correction territory. Technology stocks were also hurt in the sell-off and especially large-cap tech faces a difficult position with proposed rate hikes, notes Jacob.

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Reuters
1/20/2022

Previous valuations for tech companies are subject to change after proposed rate hikes.  While many large tech stocks have been trading at high multiples, rising interest rates could drop them 20-30%, Ryan Jacob notes. This provides an opportunity to “buy the dip” in small and mid-cap stocks which have a more promising recovery outlook.

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Think Advisor
1/6/2022

Jacob highlights opinion on thematic investing.  Ryan Jacob affirms his own affinity for thematic investing, but warns about the risks of owning the wrong companies attributed to those themes.

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CNBC
12/31/2021

Tech Stocks to Watch in 2022.   Ryan Jacob talks about “under the radar” tech stocks he believes have growth potential in 2022, also saying Jacob portfolios have their smallest allocation to large cap tech that he can recall.

Watch Video ›

Bloomberg
10/30/2021

Nvidia, Tencent in Race for Next Spot in Trillion-Dollar Club.   As Tesla joins the $1 trillion capitalization set, investors are speculating about which company will be next. Ryan Jacob thinks it might not be one of the existing tech elites, and could instead be a spin-off from one of the existing heavyweights

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Barron's
10/29/2021

Facebook’s Meta Rebranding Is Here. Wall Street Likes What It Sees So Far.   Ryan Jacob, portfolio manager Jacob Internet Fund, discusses the “new face” of Facebook. He says it makes sense given they expanded beyond being a core social-media platform years ago. They are in a unique position to get in front of what is likely to be the next generation platform.

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Barron's
10/26/2021

Facebook Stock Is Rising Because Earnings Trump Controversy.   Despite the controversy swirling around Facebook, its stock continues to do well. Ryan Jacob, manager of the Jacob Internet Fund, notes Facebook has and continues to be held to a higher standard than other tech companies, and investors are used to regular criticisms of the company.

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Insider Advantage Georgia
10/9/2021

Apple and Amazon are leading the charge in the technology sector, thanks to a retail buying spree.   Some of the largest tech companies’ stock prices have declined with expected interest-rate hikes. Ryan Jacob discusses how the markets have experienced a long period of outperformance by megacaps, which may be coming to an end due to a changing economic environment.

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Bloomberg
10/7/2021

Retail-Buying Spree Fuels Tech Jump, Led by Apple and Amazon.   Ryan Jacob discusses how megacap overperformance, especially as retail investors buy the largest tech firms and ETFs with big positions in the industry, may be coming to an end after a 12-year run with rising interest rates.

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Insider
10/7/2021

Darren Chervitz has beaten 98% of his peers over the last 5 years managing a fund of small-cap stocks with huge growth potential. He shares 3 stocks he’s betting on now -- including one he thinks could return 1,000%.   Business Insider names Darren Chervitz in the top 2% of his peers due to the Jacob Discovery Fund (JMCGX) rising 246% over the last five years. He mainly deals with early-stage investments in the healthcare and technology sectors, naming a few of his exciting picks.

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Bloomberg Podcast
10/4/2021

A Closer Look at The Markets.  Chief Investment Officer of the Jacob Internet Fund Ryan Jacob speaks about markets and investing coming out of the pandemic on the Bloomberg Markets podcast.

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Barrons
9/30/2021

For Facebook Investors, Controversies Are Still an Afterthought.  Ryan Jacob comments on the negative criticism Facebook has been receiving from the media and the strength of its underlying business.

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MarketWatch
9/23/2021

Dow jumps 500 points as stocks recover losses for week after Fed and Evergrande worries fade.  Ryan Jacob comments on the Fed’s recent announcement on tapering the central bank’s bond buying program and raising interest rates in 2022, discussing the market’s preference for certainty and the potential for a generally strong third-quarter earnings season.

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Herald Tribune
8/11/2021

DEDUCED RECKONING: For some Wall Street investment stars, here today, gone tomorrow.   In 1998, Ryan Jacob started his Internet fund (JAMFX) that saw performance up 200% and 570% over the following two years. Now, he has established a new ETF, the Jacob Forward ETF, which incorporates some of his longstanding valuation techniques.

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Bloomberg
8/6/2021

Superstar Fund Managers Are Launching ETFs. Are They Worth the Price?  Bloomberg names Ryan Jacob as a fund manager with a strong history of performance, highlighting his newly launched Jacob Forward ETF (JFWD) as an actively managed ETF to watch.

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The Drill Down Podcast
7/22/2021

Omeros Corporation with Jacob Funds’ Darren Chervitz, Del Taco, Crocs, MarineMax. Darren Chervitz speaks with The Drill Down podcast on Omeros (OMER), a biotechnology company with much potential due to its drug, Narsoplimab, that is being reviewed by the FDA for approval in HSCT-TMA indication. He also discusses the potential for Narsoplimab to prevent the worst results stemming from COVID-19.

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ETF.com
7/16/2021

ARKK Competitor ETF Debuts. Ryan Jacob has launched the Jacob Forward ETF (JFWD), which borrows from the active strategies employed by Jacob’s current mutual funds, including the Jacob Internet Fund (JAMFX). As a competitor to the ARK Innovation ETF (ARKK), the Jacob Forward ETF brings a unique quality in that Jacob’s funds have a history of performance over multiple financial crises.

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ETF Trends
7/14/2021

Jacob Asset Management Launches Its First ETF. On July 13, 2021, Jacob Asset Management launched the Jacob Forward ETF (JFWD), which primarily focuses on healthcare and technology companies with significant competitive advantages and superior, lasting growth. CEO Ryan Jacob highlights how Jacob Asset Management thrives on investing in dynamic companies with enduring franchise value and disruptive leaders with game-changing ideas to introduce innovation to the economy while delivering growth for investors.

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Insider
7/14/2021

A new ETF from legendary tech investor Ryan Jacob will target 'forward-thinking companies,' tapping demand for thematic investments. Ryan Jacob, whose internet fund (JAMFX) has gained 20.3% year-to-date, is entering the thematic investing space with the launch of the actively managed Jacob Forward ETF (JFWD). The Jacob Forward ETF will invest in innovative, forward-thinking companies with the idea that technological advantages will drive superior, lasting growth.

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Bloomberg
7/14/2021

Dot-Com Survivor Ryan Jacob Channels Cathie Wood with First ETF. Famed tech investor Ryan Jacob is jumping into the thematic ETF business. The actively managed ETF will invest in innovative, forward-thinking companies that the team believes are leveraging technology to create significant competitive advantages. Jacob Asset Management thrives on discovering exciting, enduring businesses with the potential to introduce innovative solutions to the global economy, while delivering solid growth for its investors.

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Jacob Asset Management Press Release
7/14/2021

After more than twenty years of delivering a full range of actively managed investment solutions, Jacob Asset Management is pleased to announce the launch of its first exchange-traded fund, the Jacob Forward ETF. Shares of the ETF will begin trading today on the New York Stock Exchange (“NYSE”) under the ticker symbol JFWD.

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Barron's
6/25/2021

Just Eat Stock Is a Cheap Way to Play the Future of Food Delivery. Barron's highlights the Jacob Internet Fund's strong gains this year. Ryan Jacob points to SharpSpring (SHSP), recently acquired by Constant Contact, as a holding with profitability and growth opportunities. Jacob also discusses Momentive Global (MNTV) as an attractive acquisition target in the space.

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Fund Intelligence
5/21/2021

Ark Invest, Jacob and Amplify lead 12-month tech performance.  Fund Intelligence ranks the Jacob Internet Fund as a top-performing mutual fund in the Morningstar technology category over the past year.

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The Wall Street Transcript 
4/5/2021

Darren Chervitz sits down with The Wall Street Transcript to discuss the Jacob Discovery Fund, investment strategy, and the potential for small-cap stock outperformance.

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Wall Street Journal 
4/5/2021

The Wall Street Journal welcomes the Jacob Discovery Fund to the Winner’s Circle,** naming Darren Chervitz the #2 stock-fund manager of 2020. Chervitz talks about pandemic-fueled trends, key fund holdings, and his willingness to adjust positions as the bull market progresses.

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Financial Planning
4/1/2021

FinancialPlanning once again ranks the Jacob Internet Fund as a top-performing fund over the last 15 years.

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Business Insider
3/23/2021

Ryan Jacob speaks with Business Insider about the success of the Jacob Internet Fund and lessons to be remembered from the dot-com bubble. He talks about critical differences between today’s market and the late 90’s, and the growing opportunity for small-cap companies to outperform.

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Investor's Business Daily  
3/22/2021

Investor’s Business Daily ranks the Jacob Discovery Fund as one of the best US Diversified Mutual Funds over the last decade.

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Investor's Business Daily
3/22/2021

Investor’s Business Daily highlights the Jacob Internet Fund as a top-performing sector fund over the last ten years.

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Bloomberg 
3/19/2021

Ryan Jacob weighs in on Facebook’s outlook in the face of upcoming changes to Apple’s privacy policy.

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Financial Planning
2/25/2021

FinancialPlanning places the Jacob Internet Fund among the top ten funds in terms of annualized return over the last 15 years.

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Investment News 
1/27/2021

InvestmentNews ranks the Jacob Small Cap Growth Fund and Discovery Fund among the top returning equity funds in the fourth quarter of 2020. Both funds achieved a greater than 40% return over the three months

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Kiplingers
1/23/2021

Kiplinger identifies the Jacob Internet Fund as the top 2020 sector fund, noting the fund’s performance over the last five years. The Jacob Discovery Fund also appears as a leading US small-cap equity fund.

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Financial Planning
1/20/2021

The Jacob Internet Fund is mentioned in Financial Planning's list of actively managed funds with the biggest gains in 2020.

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Business Insider
1/20/2021

Darren Chervitz, Portfolio Manager of the Jacob Discovery Fund, outlines his views on biotech investing in this exclusive Business Insider interview. Chervitz discusses important investment themes and risk factors when analyzing these opportunities.

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Business Insider
1/13/2021

Darren Chervitz, Portfolio Manager of the Jacob Discovery Fund, details his unique approach to investing in small and micro-cap companies. His background as a journalist has helped him discover interesting “under-the-radar, under-researched, under-followed companies.

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Bloomberg
1/6/2021

Darren Chervitz shares his outlook on The Score Media and Gaming, and their flagship app, theScore Bet, in the wake of Canada’s November 2020 decision to legalize single-event sports betting.

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Bloomberg News
8/22/2020

Ryan Jacob had a sensational track record when he started the Jacob Internet Fund in December 1999 at the age of 30. He had ridden the boom, then he endured the crash and incredibly kept his firm alive to this day.

All of which makes him as qualified as anyone to judge the current tech rally.

Read More ›

RedChip Companies
11/2/17

Watch our exclusive interview with Ryan Jacob, founder and CIO of Jacob Asset Management. Founded in 1999, JAM has been recognized as a leader in technology and Internet investing. Since the firm’s early beginnings, JAM has applied its proprietary investment style across other asset classes, broadening its offerings from the Jacob Internet Fund to include the Jacob Small Cap Fund & the Jacob Discovery Fund.

Read More ›

Los Angeles Times
5/30/17

"For a lot of consumers and investors, the checkered flag has been waved," said Ryan Jacob, whose firm Jacob Asset Management specializes in tech investments. "Amazon is the dominant player in retail today, and it's hard to imagine anyone having the resources to catch up."

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CNBC “Fast Money”
4/27/15

Tune in as Darren Chervitz shares his top tech portfolio plays and explains why investors need to become stock pickers.

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CNBC “Fast Money”
4/21/15

Darren Chervitz says, “People are going to want to see more results from core Yahoo.”

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CNBC “Fast Money”
3/2/15

Listen to Ryan Jacob discuss finding the value in the tech space.

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CNBC “Fast Money”
7/19/13

Darren Chervitz explains why the market is overreacting to Google earnings miss.

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CNBC “Fast Money”
7/16/13

Darren Chervitz applauds Marissa Mayer’s first year as CEO of Yahoo.

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CNBC “Fast Money”
4/16/13

Darren Chervitz shares his opinion on why Marissa Mayer’s initiatives have not done much to boost Yahoo’s prospects.

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MarketWatch
6/11/12
Leslie Josephs

Ryan Jacob talks about the success of his Jacob Internet Fund post tech bubble crash.

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CNBC.com
6/11/12

Ryan Jacob shares his opinion on why Apple stock is his most fundamental holding.

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CNBC.com
2/23/12

Ryan Jacob gives insight on Apple after stocks soared to a new all time high.

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The Street
7/25/11

Darren Chervitz expresses his concerns over Netflix price increase.

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Bloomberg.com
11/2/10
Adam Satariano

Ryan Jacob wants a greater cash return to shareholders.

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Associated Press
10/14/10

Ryan Jacob: “There is a limited amount of patience left.”

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Press Release
4/26/10

Jacob Funds adds two new funds.

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Investors’ Business Daily
03/24/10
Pete Barlas

Darren Chervitz: “They are two different animals.”

Read More ›

Fox Business
12/04/09

“How the Internet Changed Business”

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ABC News
06/09/09

Ryan Jacob thinks there is some growth without as much risk in technology sector.

Read More ›

Bloomberg Business
05/12/09

Ryan Jacob shines light on the attractiveness of tech stocks.

Read More ›

Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Opinions expressed as those of the author or fund manager, are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security and should not be considered investment advice.

Diversification does not assure a profit or protect against loss in a declining market.

While the Fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.

Past performance does not guarantee future results.

There are risks inherent in investing in the Internet area, particularly with respect to smaller capitalized companies and the high volatility of internet stocks. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. The Internet Fund may invest in debt securities which typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in micro-capitalization companies may involve greater risks, as these companies ten to have limited product lines, markets and financial or managerial resources. Microcap stocks often also have a more limited trading market, such that the Adviser may not be able to sell stocks at an optimal time or price. In addition, less frequently-traded securities may be subject to more abrupt price movements than securities of larger capitalized companies. The Small Cap Growth Fund invests in smaller companies, which involve additional risks, such as limited liquidity and greater volatility.

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Short-term performance may reflect conditions that are unsustainable and thus are unlikely to be repeated in the future. High returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Returns less than one year are not annualized.

For data to the most recent quarter end: Jacob Internet Fund, Jacob Discovery Fund, Jacob Small Cap Growth, Jacob Forward ETF.

For monthly performance, call 888.522.6239

For top 10 holdings: Jacob Internet Fund, Jacob Discovery Fund, Jacob Small Cap Growth Fund, Jacob Forward ETF.

*Estimated earnings per shares growth rate is not a measure of the Fund's future performance. Earnings growth for a fund holding does not guarantee a corresponding increase in the market value of the Fund.

**Wall Street Journal Winner's Circle: Survey of top-performing actively managed U.S. stock mutual funds quarterly rankings draws on data from Morningstar for the trailing 12-month period limited to diversified funds that are actively managed and excludes index funds and quantitative funds based on models rather than on research and stock selection by managers exclude sector funds, funds that use leverage to amplify their returns, and exchange-traded funds. Investors shouldn’t view this as any kind of recommendation. 

*** Barron's article " These 3 Funds Invest Like ARK But Didn’t Fall as Far," February 11, 2022, compares the Jacob Internet Fund (JAMFX) to three other funds. To see a comparison of these funds, please click here. View standardized performance for each fund here: Jacob Internet Fund (JAMFX), Jacob Forward ETF (JFWD)ARK Innovation ETF (ARKK), Baron Partners Fund (BPTRX), Shelton Green Alpha Fund (NEXTX).  

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-522-6939. Current and future holdings are subject to risk.

A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. An exchange-traded fund (ETF) is a basket of securities shares of which are sold on an exchange. They combine features and potential benefits similar to those of stocks, mutual funds, or bonds. Like individual stocks, ETF shares are traded throughout the day at prices that change based on supply and demand. Mutual Funds can only be purchased at the end of each trading day. 

Automatic Investment Plans do not assure a profit and do not protect against a loss in declining markets.

Basis points refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Dow Jones Industrial Average is an unmanaged index of common stocks comprised of major industrial companies and assumes reinvestment of dividends.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is essentially net income with interest, taxes, depreciation, and amortization added back to it, and can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.

Market Capitalization: The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.

NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange.

Nasdaq Index: Nasdaq is a global electronic marketplace for buying and selling securities, as well as the benchmark index for U.S. technology stocks. Nasdaq was created by the National Association of Securities Dealers (NASD) to enable investors to trade securities on a computerized, speedy and transparent system, and commenced operations on February 8, 1971. The term "Nasdaq" is also used to refer to the Nasdaq Composite, an index of more than 3,000 stocks listed on the Nasdaq exchange that includes the world's foremost technology and biotech giants such as Apple, Google, Microsoft, Oracle, Amazon, Intel and Amgen.

Nikkei 25 is Japan's leading stock index comprised of the country's top 225 blue-chip stocks. The Nikkei is a price-weighted index, which means the index is an average of the share prices of all the companies listed. 

NYSE FANG+ is an equal-dollar weighted index and has only 10 top global stocks in the index, in addition to the FAANG stocks.

Price-Earnings Ratio - P/E Ratio: A valuation ratio of a company's current share price compared to its per-share earnings. Calculated as: Market Value per Share / Earnings per Share (EPS)

Russell MicroCap Growth Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. You cannot invest directly in an index.

The STOXX Europe 600, also called STOXX 600, SXXP, is a stock index of European stocks designed by STOXX Ltd.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.

References to other mutual funds should not to be considered an offer of these securities.

The Russell 3000 Index is a capitalization-weighted stock market index, maintained by FTSE Russell, that seeks to be a benchmark of the entire U.S stock market.

The NASDAQ-100 is a stock market index made up of 103 equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock market. It is a modified capitalization-weighted index.

For current Morningstar ratings, please see our fact sheets: Discovery Fund; Small Cap Growth Fund; Internet Fund.

Jacob Internet Fund was ranked by Morningstar as of 3/31/2021: Overall, 3-, 5-, 10-years as 5, 5, 5, and 4 stars among 205, 205, 181, and 157 Technology Funds, respectively. The Morningstar Rating™ for funds, or “star rating”, is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. © 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

JACOB FUNDS




Please note that the Jacob Funds referred to in this website are offered and sold only to United States residents, and the information on this website is intended only for such people. The Fund is not offered for sale in countries other than the U.S. and its territories. This website should not be considered a solicitation to buy or an offer to sell shares of the Jacob Funds in any jurisdiction where it would be unlawful under the securities law of that jurisdiction.
See disclosures related to the news items

Important Risk Information

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found by downloading the Mutual Funds Prospectus or calling 888.522.6239 for a hard copy. Read the prospectus carefully before investing.

Important Risk Information

Investing involves risk, including possible loss of principal.

Investments made in smaller capitalized or unseasoned companies may be more volatile and less liquid due to limited resources or product lines and are more sensitive to economic factors. Investments in micro-capitalization companies may involve greater risks, as these companies tend to have limited product lines, markets and financial or managerial resources. Microcap stocks often also have a more limited trading market, such that the Adviser may not be able to sell stocks at an optimal time or price. In addition, less frequently-traded securities may be subject to more abrupt price movements than securities of larger capitalized companies. The risks of investing in foreign companies, including those located in emerging market countries, can increase the potential for losses in the Funds and may include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, including recordkeeping standards and less stringent regulation of securities markets.

The Internet Fund may invest in debt securities which typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. There are risks inherent in investing in the Internet area, particularly with respect to smaller capitalized companies and the high volatility of Internet stocks.

Please see the prospectus for details of these and other risks involved with investing in the Funds.

Diversification does not eliminate the risk of experiencing investment loss.

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