Fund of the week: a tech fund with real class
After a succession of closures, there are just a handful of tech funds left. And among the best-performing of these is Lindsay Whitelaw's Artemis New Enterprises.
"To contrarian investors, bad news is often good news," says Investors Chronicle. So the fact that the Aegon Technology Fund closed at the end of July could be a good sign for the tech sector. Aegon's closure is the latest in a line of shut-downs. Just 14 technology unit trusts and two investment trusts remain, says The Daily Telegraph. Yet technology is proving a far more durable investment than in the grim days after the bubble popped in 2000. The recent market turmoil saw the sector hold up comparatively well. And with IT now a fundamental part of company infrastructure, as the FT puts it, the sector is less cyclical than it was.
Among the best-performing of those funds left is Artemis New Enterprises, which has returned 113% over the past five years. "To be successful with a tech fund consistently over the last five years shows real class. I have been a buyer of Lindsay Whitelaw's Artemis New Enterprises for my own pension fund for some time," says Alan Steel of Alan Steel Management in The Daily Telegraph.
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Artemis New Enterprises top ten holdings
