Merrill Lynch Investment Managers is putting its faith in the future, with the introduction of the MST world technology fund.
The fund is a Luxemburg based SICAV and has been designed with the experienced investor in mind who is seeking to add a high-risk, high-return fund to add to an existing portfolio.
The fund will invest in technology related companies. Seventy per cent of the fund will be invested in companies in the US, 15 per cent in Europe, 10 per cent in Japan and five per cent in Canada.
World technology will invest in a wide range of companies covering different areas. These include software, semiconductor manufacturing, information technology services, telecommunications, computer hardware, data communications and the internet.
The fund will have two managers. The US section will be managed from New York by Paul Meeks who has been working for Merrill Lynch investment managers since 1998. The rest of the fund will be managed from London by Nick Salter, who has been working for Merrill Lynch Investment Managers since 1987.
Merrill Lynch believes that over the long term technology can offer good returns, and that the fact that the past year has seen technology stocks fall sharply in value means that now is a good time to buy while prices are still low.
According to Standard & Poors the Merrill Lynch technology portfolio is ranked 11 out of 16 funds, based on £1,000 invested on a bid to bid basis with gross income reinvested over one year to April 2, 2001.