Friends reduces tech bias

By James Thorneley UK Discovery Trust, managed by Friends Ivory & Sime, is trimming its exposure to technology in anticipation of a slowdown in the sector. Instead Glen Nimmo, manager of the £60m trust which invests in companies with market caps below £50m at the date of initial investment, is to increase the portfolio's exposure to media and leisure stocks. He said: "We saw the best performance of these tech stocks last year although the corporate performance of these companies will continue and over the short term the rate of growth in the share price will fall, in the sense that the ...