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Jacob Internet Fund debuts
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November 29, 1999: 2:29 p.m. ET
Ryan Jacob ready to jump into the job after getting approval from SEC
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NEW YORK (CNNfn) - Jacob Internet Fund, the new venture of former Internet Fund manager Ryan Jacob, opened its doors for business on Monday.
Jacob, a high-profile Internet stock picker who generated top returns at Internet Fund, said the new fund will sell $10 shares for a two-week subscription period before trading starts Dec. 13.
"I’m very happy to be back,” Jacob said.
The Securities and Exchange Commission took longer than usual to approve the new fund in part because it took more time going over the prospectus, which included returns of the Internet Fund, Jacob said.
During Jacob’s tenure from December 1997 through June, the fund earned about 517 percent. In 1998 alone, it earned 196 percent, he said.
Jacob said his decision to appoint an uncle to the independent board of directors of the fund was not a reason for the delay. The law doesn’t block relatives from serving as directors.
"All we can do is offer disclosure that there’s this family relationship,” said Paul Roye, director of investment management at the SEC. "It’s for investors to make a judgment whether or not somebody’s uncle can function as an independent director.”
As far as the portfolio, Jacob plans to hold 25 to 30 stocks whose businesses rely on the Internet. He will look at media content companies; commerce infrastructure companies; and communications stocks. He declined to identify any prospective holdings during the subscription period.
"These are companies with longer lead times before you’ll see significant returns,” Jacob said. "The market discounts these stocks so much that there are great opportunities.” 
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