Short Takes: Federated Investors Starts a Growth Fund

fund investing in communications technology companies.

The Federated Communications Technology Fund focuses on companies involved in building the infrastructure of the global information network.

By introducing the fund, Federated hopes to capitalize on continuing growth in the telecommunications and technology markets, said J. Thomas Madden, chief investment officer for domestic equity and high-yield funds.

"We're interested in producing a portfolio that invests in the contemporary equivalent of Carnegie Steel," Mr. Madden said.

The funds will be marketed through intermediaries including broker-dealers and banks.

As of June 30, Federated managed almost $118 billion in more than 175 mutual funds and separate accounts. Its growth investment team manages nearly $2 billion of domestic growth funds. -- Amy L. Anderson