The driving themes in the technology sector continue to be mobile and the Cloud, with video also a significant area.
We believe internet service providers are the primary way to access these growth areas through large cap companies, as they benefit from the overall trend in mobile and internet growth and do not depend on any particular device vendor. Amazon, Google, and Facebook remain attractive opportunities. Large mainstream technology companies are stuck in the mire of slow growing overall IT spend, and while many have some fast growing segments of their business, their overall growth is restricted. This means names like Cisco, Microsoft or Texas Instruments remain, for us, value traps to avoid. ...
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