HUMAN GENOME: Online Mutual Fund Invests in DNA Mapping
Investors can now play a part in mapping the human genome, thanks to GenomicsFund.com, the first mutual fund created to invest specifically in the new frontier of genomics, the Richmond Times-Dispatch reports. The Maryland-based fund was the top performing mutual fund in the nation in the second quarter, jumping 39%. The rise came after the stock tumbled 32% in March, as investors feared genomics-related companies' ability to profit on the technology. Fund manager Steven Newby cautions, "It's nothing you'd want to put your nest egg into or use to fund your children's education." To date, about 600 investors have contributed $20 million to the fund, according to Newby, who added, "Most new funds don't reach that level for a couple of years." GenomicsFund.com is currently the only fund focused on the human genome project, but others are in registration. The fund is invested in 20 to 22 of the largest companies involved in genomics, including Celera Genomics Corp., the National Institute of Health's biggest competitor in completing the map of the human genome. As of July 28, the fund was down 13.7% since it began, at $8.63 a share (Hazard, 7/30).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.