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Multi-managers go back to tech

Multi-managers Miton Investments and the Iimia are investing in technology funds amid growing optimism of a recovery in the sector.

Miton Investments has returned to the technology sector for the first time since the late 1990s.

It has added a 5 per cent weighting in the Fidelity technology fund to its CF Miton global portfolio while making the Herald investment trust its first technology holding in the CF Miton special situations portfolio.

The Herald investment trust was established in 1994 and focuses on traditional businesses in the technology sector such as broadcasting, inf- ormation technology and printing but pharmaceuticals and biotechnology stocks are excluded.

Miton fund manager Sam Liddle says it is still early days but the out of favour technology sector is now throwing up a number of buy signals.

With widespread perceptions that technology is risky, valuations are relatively low and he also views an increase in mergers as encouraging.

The Herald investment trust has also caught the eye of Iimia chief investment officer Nick Greenwood, who alr- eady holds the Polar technology trust and Close Fins- bury technology fund acr- oss Iimia’s multi-manager fund range.

Greenwood believes that there are two strands to the anticipated revival in the technology sector.

He says: “One is the replacement cycle. A lot of companies spent more money on software than hardware during the technology bubble. They bought it all at the time but now it is old and antiquated so they need to replace it.”

“The other factor is that the stockmarket is generally rewarding companies that are able to pay higher dividends, so capital expenditure is in decline. People need to start investing in their businesses again and that is good for the technology sector.”


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