Updated:
Jacob Asset Management
Ryan Jacob's boutique technology asset manager runs the Jacob Internet Fund (JAMFX), a concentrated public-equity vehicle with roughly $61M in AUM.
Jacob Asset Management
Jacob Asset Management was established in 1999 by Ryan Jacob, who had become a prominent figure in the late-1990s technology boom as the manager of the Kinetics Internet Fund. That fund's extraordinary performance turned Jacob into a recognizable name in retail technology investing circles. He founded his own firm to maintain a disciplined focus on publicly traded internet and technology companies, purchasing a 27% stake in the Jacob Internet Fund with his own capital to align his interests with outside shareholders. The firm executes its strategy through a single vehicle, the Jacob Internet Fund (JAMFX), which invests in small and mid-cap companies deriving revenue primarily from the internet. The portfolio is concentrated — typically holding between 30 and 50 names — with significant positions in enterprise software, digital media, e-commerce, and cloud infrastructure. Top disclosed holdings have included companies such as Digital Turbine, a mobile advertising and app distribution platform, and Ziff Davis, a digital media conglomerate. The fund is benchmark-agnostic, allowing Jacob to build high-conviction positions without tracking error constraints, but this also results in notable volatility relative to broader technology indices. The firm operates out of a single office in New York. Ryan Jacob serves as the sole portfolio manager and primary decision-maker, supported by a small research team. The structure gives the firm a flat hierarchy and concentrated accountability, which has both attracted shareholders looking for a high-conviction internet mandate and drawn criticism during extended technology downturns. The fund experienced severe drawdowns during the 2000-2002 dot-com crash and again in 2022, when its growth-heavy posture collided with rising interest rates. Its assets under management were roughly $61 million as of early 2025, per the fund's public filings, placing it among the smallest actively managed equity mutual funds still in operation. Jacob Asset Management's structural differentiator is its founder's unusual career arc. Ryan Jacob became a celebrated retail fund manager in his late 20s, lost the bulk of his investors' capital from peak to trough during the dot-com bust, and chose to keep his firm alive for more than two decades rather than closing the fund or pivoting to private markets. In 2015, he launched a second fund — the Jacob Small Cap Growth Fund — but closed it in 2017 due to lack of scale. The firm persists as a one-product boutique, making it a rare survivor from the first generation of internet-focused mutual funds.
General information
Firm type
Asset Manager
Year founded
1999
AUM
$61M (per the firm's regulatory filings, 2025)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Ryan Jacob
Chief Executive Officer and Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Jacob Asset Management?
Ryan Jacob serves as the firm's CEO, CIO, and sole portfolio manager. He founded the firm in 1999 after gaining prominence managing the Kinetics Internet Fund, which returned 196% in 1998. No other named investment professionals share portfolio management responsibilities, and the firm does not publicly disclose a formal investment committee.
What does Jacob Asset Management actually invest in?
The firm invests exclusively through the Jacob Internet Fund, a publicly traded mutual fund (ticker JAMFX). It targets small and mid-cap companies that generate the majority of their revenue from internet-related businesses. Disclosed holdings have included Digital Turbine, Ziff Davis, and other enterprise software, digital advertising, and e-commerce companies. The portfolio typically carries 30 to 50 positions and is weighted toward growth-stage public companies.
Does Jacob Asset Management invest in private companies or venture capital?
No. The firm operates exclusively as a public-equity manager. Its sole vehicle, the Jacob Internet Fund, invests only in publicly traded securities. Jacob has not launched a private fund, a venture capital vehicle, or a crossover strategy during the firm's history. He has occasionally held shares in pre-revenue or early-stage public companies, but these are purchased on the open market.
How is Jacob Asset Management structured?
The firm is organized as a small, owner-operated boutique. Ryan Jacob is the majority owner and sole portfolio manager. The firm advises a single mutual fund — the Jacob Internet Fund — which is a registered investment company under the Investment Company Act of 1940. Jacob personally owned a 27% stake in the fund as of its most recent proxy filing, creating a direct co-investment alignment with outside shareholders.
What scale does Jacob Asset Management operate at, and why is it so small?
As of early 2025, the firm managed roughly $61 million in assets, per public filings. The Jacob Internet Fund peaked north of $300 million during the dot-com era, but suffered massive redemptions after the bubble collapsed. The fund never regained significant asset scale. An attempt to launch a second product — the Jacob Small Cap Growth Fund — failed to attract sufficient assets and was liquidated in 2017. The firm's concentrated, high-volatility strategy has historically limited institutional demand.
What has Ryan Jacob's track record looked like through major technology cycles?
Jacob's record is defined by extreme cyclicality. The Kinetics Internet Fund gained 196% in 1998 and his eponymous fund rose more than 100% in its first year. It then lost over 90% of its value from peak to trough during the dot-com crash. The fund recovered partial ground during the 2010s technology bull market, but declined 59% in 2022 — more than 20 percentage points worse than the Nasdaq Composite — as rising rates punished its growth-heavy holdings.
Does Jacob Asset Management have philanthropic structures or a family-office affiliation?
There is no public record of a related family office, philanthropic foundation, or operating company affiliated with the firm. Jacob Asset Management is an independent registered investment adviser. Ryan Jacob's personal stake in the fund remains the primary vehicle for his liquid net worth, but he has not disclosed a family-office structure or a significant philanthropic vehicle tied to the management company.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: