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Fleming rethinks tech fund name to end IFA confusion

Fleming is to change the name of its technology fund for the second time in six months.

The fund is presently called the applied science and technology trust after changing its name from the geared growth investment trust.

But brokers and investors were confused by the new name, taking applied science to mean a focus in the biotechnology sector.

The next proposed name, Fleming technology trust, is set to be approved at the company&#39s AGM in September, which it hopes will clear up any ambiguity.

Shareholders approved a change of investment strategy in March from general investment in UK growth stocks to “capital growth from global investment in the applied science and technology sectors”.

The £104m fund has completed the reinvestment of its portfolio, with its 30 biggest holdings all in technology stocks. Sixty per cent of the technology portfolio is now invested in North America, with 13 per cent in Europe, 10 per cent in the UK, 8 per cent in Japan, 5 per cent in Asia and the balance in cash.

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