About half of the technology portfolio of the forthcoming Fleming Applied Science & Technology inves...
About half of the technology portfolio of the forthcoming Fleming Applied Science & Technology investment trust (FAST) will be invested in the US.
FAST is to be the new name of the £105m Fleming Geared Growth investment trust, if approved by it shareholders. Last week Investment Week reported the proposed change of name and investment remit from UK equities to global technology stocks. The underlying portfolio of the trust will be split 70% in technology and biotech stocks and 30% in fixed interest.
The majority of technology funds have a 70% weighting in the US. Sandeep Bhargava, manager of the technology portfolio of FAST, said: "We want to take a truly global approach by investing globally. We also feel we can take advantage of our expertise in Asian and Japanese technology stocks through our Jardine Fleming funds. At the moment I do not feel comfortable with the valuations of some stocks on western markets. Vodafone looks stretched while NTT DoCoMo looks cheaper."
Initially the technology portfolio will have around 35% invested in telecom equipment and computer hardware suppliers, such as Cisco and Lucent.
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