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Tech funds hit year&#39s low point

UK technology unit trusts suffered their worst month of the year in October, with average performance down by 12.8 per cent according to figures from Lipper Tech Fund Bulletin.

No tech funds had positive ret urns. Top performer was the Legg Mason telecom fund, which fell by 0.7 per cent. Second was Artemis&#39 New Enterprise, losing 3 per cent, then Royal & Sun Alli ance&#39s All Eurotech 1, down by 7.2 per cent.

Worst-performing funds were Framlington Net Net, dropping by 20.8 per cent, Premier Technology falling by 20.3 per cent and Aberdeen Technology, down by 20.1 per cent.

April, which saw an average drop of 11.3 per cent, was the previous low month of the year.

Only three UK technology unit trusts have positive returns this year. They are Henderson&#39s global technology fund, up by 9.4 per cent, M&G global technology trust, up by 1.6 per cent, and the Scottish Equitable technology fund, up by 1.6 per cent.

Global marketing director Steve Lipper says: “We saw the beginning of this tech stock decline in September as concern about earnings grew. With many companies reporting in October, earnings&#39 disappointments further depressed tech stocks.”

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