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Biotech funds lead the way in the second quarter

Biotechnology funds were the best performers in the second quarter according to findings from the most recent Lipper UK Unit Trust/ Oeic survey.

At the other end of the spectrum, the weakest returns were, not surprisingly, in technology funds and smaller companies funds.

The two strongest funds were Framlington Health, returning 30 per cent and City Financial BioTech returning 22 per cent. Lipper sources conclude that the enthusiasm surrounding the mapping of the Human Genome was a major factor that buoyed these funds.

Smaller companies suffered the most because of their reliance on TMT stocks which experienced a market correction over the last quarter. Japanese smaller companies were down 8.62 per cent, UK smaller companies down 8.07 per cent, and European smaller companies dropped 6.16 per cent, the three worst sectors in the survey.

Lipper global marketing director Steve Lipper says: “The second quarter of 2000 showed a reversal in fortune for the smaller companies sectors. The second quarter&#39s results underscore the importance of investing regularly in volatile sectors rather than in one lump sum.”

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