"It's not as crazy as it was when all the Internet funds were launched," he said.

Internet funds were the hottest new sector in the mutual fund industry at the beginning of 2000 but have fallen on bleak times.

In the last year, many smaller fund firms have simply shut down their own Internet funds and returned what money was left to shareholders.

Even that record looks pretty good compared with one technology category: Internet funds.

There are now 20 to 30 Internet funds, up from just three in early 1998.

The dizzy rollout of Internet funds in 1999 is a case in point.

This is an opportune time to launch an Internet fund because we can go in and find some good values.

But the fund is not a pure Internet fund.

But that pace slowed sharply last week, as Internet funds pulled in just $34 million in new money.

But more money is still flowing into Internet funds than has been flowing out, according to the latest data.