Microsoft is really quite under-owned by technology funds coming into the year. Most of them has really pared back on the stock, and many tech funds missed most of Microsoft's big move up so far this year.

Fund managers are asserting that a slowdown in telecom spending is here for foreseeable future. As far as investors needing a dedicated technology fund in their portfolio, it's not essential because many growth funds will give the exposure and diversification they need, without the risk.

In a pre-commercial market, it's very difficult for any fuel-cell manufacturer or developer of hydrogen technology to market it financially.

I would say it's a dueling trend that retail mutual fund companies are starting hedge fund like vehicles to retain that talent. That is a weapon in a fund company's arsenal.

You don't want a fund that had its best years with $5 million in assets.

They rack up records and don't get noticed.