3i european technology trust steps up exposure to semi-conductors and internet stocks
Pierre-Andre Boutin, manager of the £42m 3i European Technology Trust, has shifted out of large-cap stocks and cut a number of holdings in the portfolio since taking the helm last November. At its inception in 2000 the portfolio was some £330m but has since shrunk dramatically due to a combination of unfavourable stock selection and the general decline in the tech sector, according to Boutin. The trust's NAV has declined by 87% over the three years to 13 June and by 31% over 12 months to the same date. 'On the European side it had names like Philips, which was fine when the fund was...
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