The bursting of the tech bubble proved to be a pretty painful experience for benchmark-aware funds, the groups that run them and their investors.Plummeting fund sizes led to falling revenues from annual management charges and investors became disillusioned with the fact that fund managers did not have mandates flexible enough to halt the slide in fund values.Enter focus funds, unconstrained, best ideas funds, most of which have so far concentrated on the UK. Few concentrated funds are able to reap their rewards from the global stage. Newton already has a good track record with its focused approach to the UK opportunities fund but has since extended this with the launch of the global opportunities fund. Alex Stanic manages the fund and has already stamped his mark on a similar portfolio run offshore, Mellon global intrepid portfolio, which he has run since June 2004, although the focused approach was only introduced in October. Typically, Newton’s fund will contain 40-60 holdings but with a minimum of 30 and, unlike managers of more mainstream global funds, the Newton team is also prepared to think outside the normal asset allocation box. Newton will have to fend off competition from Neptune global equity and Gartmore global focus fund to gain a share in this market but I am sure that others will follow.