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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.”

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