Ian Warmerdam and Stuart O’Gorman have sold about half the positions in the £154m New Star Technology fund they took over in April following the merger of Henderson and New Star.
Warmerdam, co-head of technology with O’Gorman, says the portfolio has been aligned to mirror the Henderson Global Technology fund, but the American mutual version, not the £163m UK Oeic of the same name. As the American fund is less benchmark aware than the Oeic, Warmerdam says there are no current plans to merge away the New Star Technology fund.
“There are lots of similar stocks in the two Oeics but how each takes positions in those stocks differs,” he says.
“After changing the model the New Star fund is more concentrated but as a result riskier in terms of its correlation to the benchmark.”