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Special Report

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Current Special Report

NZ Funds Global Technology Fund

Tuesday, May 23rd 2000, 10:01PM

by Philip Macalister

The Global Technology fund is managed by Boston-based Wellington Management Company.

The fund's investment objective is to seek long-term capital growth while maintaining adequate diversification by investing in a portfolio of technology stocks.

It aims to outperform the Goldman Sachs Technology Index or an appropriate global index over a market cycle.

Investment Returns as at December 31

1yr

2yrs

Since inception*

Global Technology

121.7

96.2

78.0

Goldman Sachs Index

88.6

78.4

58.4

*Wellington Management returns are shown before all investment management fees and custody expenses. Index returns are before transaction costs, management fees and other expenses.

Investment Approach

The manager uses bottom-up security selection based on proprietary fundamental research and valuation analysis

  • Focus on direct contact with company management and suppliers, and competitors
  • Determine favourable investment opportunities not yet recognised by the market.

Identify sub-sectors likely to benefit from the intermediate-term environment

  • Overweight or underweight sub-sectors based on supply and demand characteristics, secular trends, existing product evaluations and new product developments.

The portfolio is made up of four groups, namely:

  • Information technology services
  • Communications equipment
  • Software, Internet and New Media
  • Semiconductors and equipment, computer hardware and peripherals.

Top 10 Holdings as at December 31

Company

Business

% of equities

% Goldman Sachs index

Microsoft

Software and services

8.6

7.4

Cisco

Computer networking

8.4

9.0

America Online

Online computer services

7.1

4.3

Redback Networks

Computer networking

5.2

0.0

Exodus Communications

ISP

4.7

0.0

Motorola

Semiconductors/comms equipment

4.5

2.3

Hewlett-Packard

Computer services

4.1

3.0

IBM

Consumer prods and services

3.9

4.7

Brightpoint

Wireless communications

3.2

0.0

Lucent Technologies

Telecommunications systems

3.1

6.0

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