Too many tech funds were brought out in the 1990's and many of them were ill-conceived as long-term investments.
A lot of the funds in this rally are really some of the more speculative, riskier ones around and investors should be careful about chasing their performance.
A lot of the companies these funds have invested in have run pretty hard. Chasing performance here is probably a recipe for disaster.
Any time you see a substantial deviation in returns with a fund compared to its category, it's usually because it's taken a substantial risk to get there. These funds aren't less risky now. It's just that the stocks they've invested in have finally started to come back.
Investors are more aware of the risks associated with these offerings. We'll see more consolidation of technology funds and that's a healthy thing.