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Tech on the turn

Microsoft’s huge bid for Yahoo is probably a sign that technology shares are likely to start rising again. By historical standards, tech stocks are trading near a 10-year low.

There have been recent good results from companies such as Accenture and Oracle and corporate spending is holding up well, despite the expected recession in the US.

In Taiwan, in particular, tech stocks have been heavily discounting the prospects of a consumerled recession and as a result there are very attractive opportunities in some Asian stocks.

American tech stocks have underperformed the S&P 500 index. These are already pricing in some element of recession in the US. The weaker dollar is helping because around two-thirds of tech company revenue comes from outside the US.

The three tech funds I like best are Henderson global technology, M&G global technology and New Star technology.

All these funds are positive about the prospects for the tech sector in the medium term.

The Henderson fund invests around 70 per cent in the US and concentrates on the software, computer and semi-conductor sectors which account for around two-thirds of the fund.

The New Star and M&G trusts are much more widely spread, both sector-wise and geographically.

The Henderson fund has a very big holding of around 7.5 per cent in Microsoft compared with about 3 per cent in the New Star fund and a negligible amount in the M&G fund. New Star holds reasonably big holdings in Apple and Amazon.

Tech funds are still high risk but I believe that all bigger portfolios should have an exposure to them.


Carne Global strengthens technology team

Fund management adviser Carne Global has created two new divisions to be headed up by new appointees, Phil Kitto and Sunil Chadda.Chadda and Kitto have both joined from Citisoft, a London-based financial systems consultancy. They will head up the new alternative investment and wealth management technology and operational consultancy divisions.Chadda will act as head of […]

Bear necessities

As I enjoyed a couple of weeks R&R, far away from the problems of the credit crunch, the near collapse of Bear Stearns almost scuppered an article I had prepared in anticipation of my absence. The day was saved by satellite TV, the internet and an unusually understanding wife. I was grateful that I had bought her some jewellery on the flight to our destination.

Man magnet

Is your client interested in a pension that can invest in residential property, does not require him to buy an annuity at age 75, offers more than 25 per cent tax-free cash and attracts death duties that are less than a tenth of those on UK schemes? This is what providers based in the Isle of Man will be offering from this month, when the crown dependency passes its new Income Tax Pension Bill.

Auto enrolment – so far so good?

Jamie Clark – Business Development Manager The recent report from the Pensions Policy Institute demonstrates the sheer scale of auto-enrolment so far and what we can expect in the future. We’ve pulled out the key information to save you reading the full report. Auto enrolment in numbers Sources: Pensions Policy Institute, The Future Book: Unravelling […]


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