SAN FRANCISCO - MetaMarkets.com Inc. said its two funds will be liquidated.
MetaMarkets was known for being the only mutual fund company that disclosed its portfolios' holdings online in real time. But the technology-focused funds sank with the stock market.
The OpenFund, which was launched in August 1999, had a high of $50 million of assets under management in March 2000. But the fund had lost 26% of its value so far this year after dropping 42% last year. It wound up with $9.9 million.
The IPO & New Era Fund had lost 57% of its value since it was started in September 2000, winding up with $1.4 million.
The decision to close the funds to new investment, liquidate them over time, and return the money to shareholders was announced Thursday.
"Bottom line, we weren't making money," said Donald Luskin, MetaMarkets' president.