Other then the aftermath of the bubble, has been a good fund relative to the market and peers. Largest position in my 401(k) since 2002 as I felt it would outperform the broader market due to Internet growth. 1) more people online, including a whole new generation of kids who have grown up with the Net. 2) more time online causing ad and commerce $ to shift to the web. 3) international penetration is still very low leaving years of growth ahead. 4) faster broadband and near ubiquitous access drive even usage.

Ha, ha, ha, ha to all the naysayers, including Morningstar!

MNNAX:
YTD +42.43% 1Yr -6.71% 3Yr AnnRtn +3.18% 5yr AnnRtn +2.87%

Versus the S&P500
YTD 35.60% better 1Yr 15.79% better 3Yr 9.83% better 5Yr 3.88% better

Versus Tech Funds:
YTD 8.58% better 1Yr 6.73% better 3Yr 2.64% better 5 Yr 0.73 better