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Tech stocks place Euro funds at top of rankings

European funds overweight in technology stocks are the top performers in

Standard and Poor&#39s fund rankings.

Funds such as Invesco&#39s GT Europe growth fund, which has about 75 per cent

invested in telecoms, media and technology stocks, performed exceptionally

well in the final quarter but suffered a downturn in the last few weeks due

to volatility. Funds which did not buy into technology saw their

performance and rankings fall. S&P says most fund managers outperformed

their benchmarks in the volatile conditions.

Mainstream pan-Europ ean funds outpaced the FTSE World Europe index by an

average of 4 per cent.

Gartmore&#39s CSF pan-European fund and the RG Europe fund were given AAA

ratings for the fourth quarter of last year. Newton&#39s pan-European fund and

HSBC&#39s pan-European equity fund were given AA ratings. In the European

funds excluding UK sector, the HSBC European opportun ities fund and SocGen

European growth unit trust got AA rankings.

S&P lead European fund analyst Debbie Boys says: “Many of the funds which

show significant high- or low-decile rankings on a 12-month view arrived at

these points solely because of their positioning to telecoms, media and

technology over the last three months of the year.”


Chelsea scoffs at takeover bid

Chelsea Building Society has rejected a takeover proposal from the internet service provider Totalise.The UK&#39s eighth largest building society has condemned the “blatant opportunism” that motivated the offer.Chelsea has assets worth about £5bn, whereas Totalise, only eight months in existence, had a turnover of £61,000 and lost nearly £1m in is first half year.Totalise chief […]

Brokers show loan optimism

More than half of brokers are optimistic the mortgage market will improvein the next quarter, according to research by the Mortgage Business.Currently, 54 per cent of brokers are optimistic that business willimprove in the next quarter.Brokers have reported significant increases this quarter in sales ofself-employed and flexible mortgages, with 38 per cent having seen anupturn […]

Clause chaos on seized pensions

The recent Appeal Court decision allowing creditors to grab the pensionfunds of bankrupts has sparked controversy over whether a forfeiture clausewould have protected them.A forfeiture clause gives life offices the discretion to pay the benefitsof a bankrupt&#39s personal pension to one of their relatives, such as theirspouse, instead of making the money available to creditors.Following […]

Paradigm lost

The Nasdaq composite index today represents the best and worst of UScapitalism and finance.A list of its components demonstrates the enormous entrepreneurial drivefound in the US version of capitalism. But although some exposure to thedynamic parts of the world&#39s leading economy is desirable, UK IFAs shouldbe wary.A study of the Nasdaq index&#39s valuations highlights the […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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