Amerindo fund on discount to NAV of 35.1%

The Amerindo Internet Fund is now standing on a discount to NAV of 35.1% after a tough 2002 which saw its portfolio fall by 45.7% in value. The portfolio, launched at the height of the internet boom in 2000, now has assets of £58.6m. Amerindo Fund Managers blamed the lack of pick-up in information technology spending as the main reason for the decline in NAV. Michael Sandifer, member of the investment committee at Amerindo Fund Managers, said as a result of the lack of capital expenditure in the sector, the portfolio's assets are now largely concentrated in business to consumer stoc...