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Cisco gives tech and US funds a boost

Technology and American growth funds were given an unexpected boost with a two-thirds rise in quarterly profits by the world&#39s second-biggest company, Cisco Systems.

The San Jose-based technology giant, which makes internet hardware products, is one of the most popular stocks among technology and American growth fund managers.

Many fund managers had opted to continue investment in Cisco in the past few months despite a continued decline in its value on the Nasdaq stockmarket index.

Net sales for the fourth quarter of the year rose by 61 per cent to $5.72bn compared with $3.56bn in the same period last year.

The news is a boost to funds such as the Janus Twenty fund which has hol-dings of more than 5 per cent in Cisco.

A Dublin-domiciled version of the $37bn Twenty fund, which is available to UK investors, was set up in May.

Janus director for Europe and the Middle East Austin McBride says: “Cisco has a dominant franchise, a strong business model and a good management team that delivers ongoing growth.”

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