Amerindo Internet Fund, the internet focused investment trust, has reported a 53.4% fall in net asset value during 2001 as the fund continues to suffer from declining investor confidence in the internet technology sector.

The decrease in net asset value is in line with the 52% fall in the London listed fund's closest benchmark, the Morgan Stanley Internet Index, which does not include unquoted investments. The fund's share price fell 76% from 26.5p at year-end 2000 to 16.5p at the end of 2001, with share price discount to net asset value at 38%.