Investec Asset Management has introduced the Wireless World Fund, a Dublin domiciled UCITS.
Aimed at experienced investors who want long term growth from access to technology, the fund will invest in between 30 and 40 companies that are investing in mobile access to the web via mobile phones and other devices.
These will include companies such as Vodaphone, Nokia and Motorola and will be mostly focussed on Europe and the USA, with a small number of Asian companies. The initial portfolio will not invest in dotcom companies, although there might be a small amount of exposure to these in the future.
Investing in companies that are dealing in what is a rapidly expanding market is attractive and has the upside of minimal investment in dotcoms, many of which have gone out of business in recent months. The geographical areas that wireless world will invest in is also appealing, because although the US technology market is more stable and mature than Europe, Europe has more growth potential.
According to Standard & Poor's the Investec SF global technology fund is ranked 25 out of 48 funds, based on £1,000 invested on a bid-to-bid basis with gross income reinvested over one year to August 28, 2000.