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Fund manager urges caution on telecoms

A tech fund manager has warned investors away from the sector, saying telecoms still pose a threat to performance.

Royal & Sun Alliance Investments EuroTech fund manager Steve Martin says investors who buy into funds on the way down in the hope of making gains on the fund&#39s eventual recovery may end up very disappointed.

He says because there does not appear to be an end in sight for the continual lows that telecoms are posting, investors should be wary.

The warning is specifically targeted at Isa investors who tend to make once-a-year lump-sum investments and expect immediate returns.

Martin says: “Investors would be justified in believing TMT stocks have become the ultimate cyclical investment if it was not for the severe structural problems facing the telecoms industry. In short, that means technology is likely to retain its boom-bust credentials for some time.

“Right now, though, the sector is not going to go anywhere until things improve in the telecoms sector.”

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