Howard and his supporters did not have the funds to take the companies to court.

All that said, funds take on different characteristics when they expand.

It closed on Friday at $65.75, but the fund is not taking profits.

Of course, some funds have long taken stands on certain political or moral issues.

"But the Mexicans just didn't have the funds to take care of these problems."

A vote against a company's board would be "at the extreme end" of actions the fund might take, he said.

Of greater concern, the fund has taken some very big positions.

At least for now, the fund will take less than a 5 percent stake in target companies.

But reports last week suggested that the fund had taken in less than $39,000.

The first fund raising event took place on 10 April 1895.