Henderson Global Technology Fund, which has been around since several years before the dot.com bubble, has been a strong long-term performer, posting first-quartile performance over five years and beating its sector by almost 30 per cent.
Performance over the last year has also been strong as technology continued to outperform the wider market in the first quarter of 2012. Over March, the strongest source of positive performance came from the communications equipment and internet and catalogue sectors, which combined make up around 12 per cent of the fund.
While Apple continues to be the fund's most favoured stock, the managers are limited by regulation, to a 10 per cent weighting. The fund continues to hold the maximum possible allowance, but this is still 6 per cent underneath its index the MSCI ACWI Information Technology Index.
The fund seeks to achieve long-term capital appreciation primarily through investments in common stocks and related securities of US and non-US technology-related companies. While the macro economy is impacting returns, managers avoid macroeconomic calls, instead choosing to focus on stock selection – they look for companies with under-appreciated growth and barriers to entry.
The fund is managed by Ian Warmerdam and Stuart O'Gorman.
Source: FT funds data
Performance figures as at 17 April 2012
Top 10 holdings (as at 30 March 2012)