JOHCM Global Select has moved to a 16.4% weighting in technology stocks, the largest in the portfolio, reflecting a 5% overweight to its the MSCI ACWI Standard Index benchmark, in the belief the technology sector will be one that leads the full blown rally when it occurs.
Senior fund manager Christopher Lees says closure of technology funds such as the Jupiter Global Technology reflects an industry trend that it is out of sync with the markets. "This industry has a habit of closing funds at the bottom of the market and launching fad funds at the top," Lees says. "Technology stocks have not fallen as far as most of the market and you have to ask yourself why." Lees and fund manager Nudgem Richyal take an idiosyncratic view, looking to identify areas that have been overlooked in the last bull market but which have sound fundamentals. "Most US technology co...
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