GLOBAL - Global technology shares are on the verge of recovery after a year of poor returns, SG Asset Management UK claims.
The fund manager believes there are sufficient indicators in place to suggest the market is at, or close to, turning.
SG Asset Management director Alan Torry said: “While we remain aware that there is a large amount of scepticism surrounding the rally in technology, this is itself is cause for encouragement.
“For any rally to last more than a few days or weeks, it must climb a wall of worry as new information emerges to support the case for a recovery.”
The fund manager reports that people working within technology companies have become net buyers, rather than net sellers of technology shares for the first time since September 11, 2001.
Torry said: “This indicates an unusually high level of confidence that their own shares are undervalued.”
*Separately, Nicola Horlick has stepped down as head of equities at SG Asset Management to concentrate on her role as chief executive of the fund manager.
Hugh Sergeant – ex-UBS Global Asset Management – takes over the mantle as head of equities.
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