By Leo Bland Royal & SunAlliance's just launched technology fund will run an initial portfolio of 50...
By Leo Bland
Royal & SunAlliance's just launched technology fund will run an initial portfolio of 50 stocks and will take a pan-European investment approach.
The Oeic sub-fund, called EuroTech, is being run by Stephen Martin who has 13 years' experience in European and Japanese equities.
He will lead a team of eight including two other fund managers, Europe specialist Aaron Barnfather and UK smaller companies investment manager Jamie Constable. Five analysts will also assist Martin.
The model portfolio has 24% in software, 20% in telecoms and 23% in hardware. Other weightings include 14% in services, 11% in media with 4% each in healthcare and other technology related equities.
Martin said: "This is an exciting opportunity and we have drawn together a young, dynamic and very talented team of investment professionals to ensure we deliver the kind of performance our investors have come to expect from us.''
The top 10 holdings of the model portfolio will represent 32.6% of the fund, with the largest five holdings in Ericsson, Vodafone Airtouch, Nokia, components firm Stmicroelectronics and Baltimore Technologies.
The next five largest holdings for the fund are mobile firm Sonera, ARM Holdings, services company Framfab, Energis and software firm Autonomy Corporation.
Robert Matthews, managing director of institutional and retail funds at Royal & SunAlliance Investments, said: "EuroTech will give investors undiluted exposure not only to the world beaters of today but also to the Nokias and Ericssons of tomorrow."
EuroTech is part of the Royal & SunAlliance Oeic. It is available as an Isa and has three share classes. Class one shares will have a minimum investment of £1,000 and an initial charge of 5%.
The minimum regular savings investment is £50 per month.
The annual management charge on class one shares is 1.25% and IFA commission is 3% on Oeic investments and 4% on Isa investments with 0.5% renewal.
Class two shares have a minimum investment of £200,000 with a 1% initial charge and 0.75% annual charge.
A discount of 2% off the initial charge is available up to 8 May for Oeic investments in share class one and 1% off the initial charge for Isas.
A 1% discount is available on class two share investments also up to 8 May.
Class three shares have a £10m minimum investment and an annual charge of 0.4%.
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