In March, the IMA technology and telecommunications sector produced a return of 10.4 per cent. Research from Financial Express shows BG Group was the most widely bought stock by fund managers last month. Investments in Telefonica, Centrica and Vodafone were also popular.
CAF UK equity growth, which has the highest weighting in Vodafone at 11.3 per cent, returned 12.4 per cent last month. BlackRock European dynamic was the biggest holder of Telefonica with 8.2 per cent and the fund returned 10.7 per cent while Centrica’s biggest holder is Premier Castlefield monthly equity at 5.9 per cent, with the fund rising by 7.9 per cent in March.
Financial Express analyst Harpreet Sajjan says: “I think these figures show just how speculative and reactionary the market has now become, as in this instance there is no specific reason for the increased interest. What has become apparent in recent months when it comes to sectors is that there is no longer a definitive trend in the market with one being the most popular one month and a different one the next.”