Legal & General is jumping on the technology bandwagon with its global technology unit trust.
Aimed at experienced investors who are looking for exposure to the technology market, the trust will track the FTSE all world technology index. The FTSE all world technology index consists of 175 companies based all over the world and includes companies such as Microsoft, Intel, Cisco, Nokia and Marconi. Seventy-two per cent of the index will be in companies based in America.
Some technology funds have a narrow investment base, such as the wireless world fund from Investec Asset Management which invests purely in wireless technology for mobile access to the internet. The global technology fund has a wide geographical and technological base and this will therefore spread the risk around.
According to Standard & Poors the Legal & General global growth fund is ranked 54 out of 125 funds, based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to October 30, 2000.