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Julian Gibbs

At last, the technology sell-off has arrived – and not before time as many

shares were much overvalued. Such excellent shares as Baltimore, CMG, Sage

and Logica are all 40 per cent or more off their year&#39s highs.

Baltimore, for example, is 53 per cent off its 12-month high but is still

nine times its 52-week low.

This is the nature of the technology share market. On a fairly regular

basis, the market rises by 50 per cent or more and then comes back by 30

per cent or more. The time to buy is now when the market is comparatively


So where is it sensible to invest now? My favourite fund manager is Nigel

Thomas who runs the ABN Amro UK growth fund and Solus UK special situations

fund, both of which are excellent short- and long-term performers.

He invests two-thirds in mid-cap and smaller companies while the remaining

third consists of blue chips, many of which he bought when they were

smaller companies 10 years ago, such as Sage and Psion.

ABN Amro UK growth is the top performer in the UK all companies sector

over 10 years and Solus UK special situations is top over one, three and

five years.

I also like Aberdeen&#39s European technology fund, managed by Edwin

Protheroe, which also has an outstanding record, being top of its sector

over one and three years and second over five years.

I believe there is more value to be found in European techology shares

than there is elsewhere.

These three trusts may give investors a rollercoaster ride but over a

five-year period or more should produce outstanding returns.


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