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StockJungle's Fund Moves To Extinct List Community Intelligence Fund joins OpenFund as failed experiment.(MAKING MONEY IN MUTUALS)(INVESTMENT TRENDS)
Byline: Dan Moreau
The tribe has spoken, and StockJungle Community Intelligence Fund is off the market. StockJungle.com announced late last month it was liquidating the 2-year-old experiment.
StockJungle's claim was that you had a say in what stocks were in the Community Intelligence fund. Investors submitted their picks to the Web site, the fund considered them and built a portfolio based on that input and its own screens.
Turns out it was a gimmick. Most investors shunned the fund despite the opportunity to play fund manager. When it was shuttered on Aug. 24, the fund had attracted little more than $1.4 million.
Not Feasible
Fund manager Mike Witz told investors in a letter posted on the fund's Web site that running such a small fund wasn't feasible. The assets would be distributed to shareholders.
The rest of the site, "the home of community powered investing," continues to tout the fund and offer investors an opportunity to win money for picking top portfolios.
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