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Don&#39t invest in tech funds says tech fund manager

Steve Martin, fund manager of Royal & Sun Alliance&#39s Investments Eurotech Fund, is warning investors to stay away from his fund and sector for the near future.

Martin warns that the technology, media and telecoms sector has become the ultimate cyclical investment, very sensitive to the overall health of the economy and is likely to retain its boom and bust credentials for some time.

Martin says: “Technology stocks have bounced back very strongly since the market bottomed out in the aftermath of the September 11th attacks, but too many investors have jumped in gambling that what was the worst performer on the way down will be one of the best on the way up. I am afraid they are going to be very disappointed.”

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