Science/Tech Fund Ranked No. 1

Firsthand Technology Value celebrated both a fifth birthday and a new ranking by Lipper Inc. as the top science and technology mutual fund for the five-year period.

Through Wednesday, the $330 million fund turned in an annualized return of 44 percent for five years. The portfolio's total return since its May 20, 1994, inception is 518 percent.

"When you consider that Tech Value has never owned a '.com' stock and still returned [over] 43 percent AAR for five years, that's something to be quite proud of," said Steven C. Witt, a partner in the San Jose, Calif.-based fund firm. The closest contender was Fidelity Select Electronics (FSELX) with a gain of 37 percent for the period.

Tech Value (TVFQX) is up 45 percent year-to-date and 71 percent over the last 12 months.

Fund manager and co-founder Kevin Landis credits his success both to location and experience. Being located in technology-laced Silicon Valley, Landis feels that he gets firsthand exposure, hence the name.

Prior to managing mutual funds, he was the new products marketing manager for S-MOS Systems. Prior to that, he was an analyst at Dataquest, a high technology market research firm. Landis also holds an MBA from Santa Clara University and a B.S. in Electrical Engineering and Computer Sciences from U.C. Berkeley.

Two other funds managed by Landis are benefiting from his technical background:

• Firsthand Technology Leaders (TLFQX) is up 24 percent year to date and up 85 percent over the last 12 months.
• The Firsthand Innovators Fund (TIFQX), which celebrated its one-year birthday on May 20, is up 116 percent since its inception.

Written By Craig Tolliver, CBS MarketWatch