Framlington has rebranded and changed the objective of its offshore technology fund managed by Steph...
Framlington has rebranded and changed the objective of its offshore technology fund managed by Stephen Kelly.
Under the rebrand, the Framlington Tech Fund will become the Framlington Nasdaq Fund. It is to give up its objective of achieving capital growth by investing in an international portfolio of shares in companies involved in technology and associated industries and, from now on, will invest only in Nasdaq-listed companies.
Neville Vyas, marketing manager at Framlington, said the Nasdaq has become the stock market of choice for international-based, high growth companies and the fund has been increasing its weighting to the index.
Vyas said: 'The decision was taken because we found the best international companies were Nasdaq listed.'
The $13m fund is part of Framlington's offshore international portfolio umbrella fund, which contains 10 sub-funds. To change its mandate, it needed approval from the Luxembourg authorities, which was granted on 1 March this year.
The fund will be similar in style to the unit trust already managed by Kelly but will not be an exact mirror. Over three months to 26 March 2002, on a bid-to-bid basis, the Framlington Nasdaq unit trust is down 5%, compared with the Nasdaq composite index, which is down 4%.
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