Newest holding is Delia (DLIA). What does everyone think of this and it's spinoff, iturf.com. I really don't pay attention to the Generation Y fashion/culture theme much so I'm out of the loop. Although their marketing is pretty annoying - they've said messages to their target audience (young Generation Y'ers) saying bluntly "Hello, Generation Y, we're the site here for you!". If there's one thing Generation Y hates is marketing pitches directed at them in that manner.
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April 18, 1999
Dear Investors,
With its year-to-date return over 120%, the Fund's performance is exceeding
even our high expectations. The headlines are still dominated by news of
possible partnerships, alliances, and business combinations as many
companies continue to attempt to capture or maintain Internet leadership
positions. With many of the Fund's companies having seen significant gains
in only the past month, we are maintaining our prudent stance in adding to
positions. So far, 1st quarter earnings have been quite good for the Fund's
companies; however, it is understandable that periodic pullback in prices will
almost certainly occur. Rest assured, our long-term outlook remains steadfast
and solidly bullish.
Delia's, one of our new positions, has made it onto our list of top holdings.
Delia's is a leading marketer of apparel, footwear, and accessories to the
Generation Y demographic (ages 10-24). Over the past year, Delia's has
established a strong presence on the Web through a handful of destination
sites that blend Generation Y focused content, community, and commerce.
This group was put together into its own subsidiary, iTurf, and has recently
sold shares to the public. Not including the value of its other businesses,
Delia's shares are trading at a substantial discount to its position in iTurf.
Therefore, we have chosen Delia's as the preferred investment vehicle to
participate in iTurf's long term growth.
Ryan Jacob
Portfolio Manager
The Internet Fund, Inc.
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- Netconductor.com |
