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Van Wagoner To Keep Managing Funds He Just Can't Run Firm The aggressive manager, stung by bear and probe, hopes for a comeback.(MUTUAL FUNDS)
Byline: KEN HOOVER
Garrett Van Wagoner, who ran some of the most aggressive growth funds of the 1990s, says he plans to stay on as portfolio manager even though he has been barred from being on officer or director of the company he owns as the result of a settlement with the Securities and Exchange Commission.
The 48-year-old manager says he will resign from the board of his San Francisco-based firm, Van Wagoner Capital Management, and one or two additional independent directors will be added. There are now two independent directors.
In a phone interview, Van Wagoner was as chipper and upbeat as always, despite legal troubles and overseeing a fund group that has been savaged by the bear market. He declined to discuss the specifics of his case on advice from lawyers.
But he was optimistic that the kind of fast-growing, cutting-edge names he favors will make a comeback.
"Our style is very aggressive," Van Wagoner said. "There's a lot of technology, health care, biotech. We're not looking at the Russell 2000 for industry weightings. We're not closet indexers. It's not been a very popular investing style the last few years. But I think that's what we do well, and we're sticking with our niche."
Van Wagoner was the king of the hill in the late 1990s. His flagship Van Wagoner Emerging Growth Fund was up 291.2% in 1999. But along with the other funds in his stable, it crashed and burned in the subsequent bear market. From the end of 1999 through Friday, the fund lost 90.7% of its value.
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