Mark Hawtin, the manager of the Gam Star Absolute Europe fund, is taking a 24% position in technology as he begins to view the sector positively for the first time in 10 years.
Technology is the biggest net long position in the two-week-old fund. Hawtin's largest technology positions are 5% in chip designer Infineon, 4% in cash machine manufacturer Wincor Nixdorf, and 4% in gaming software provider Playtech. The manager says Europe's economically sensitive engineering and materials stocks, historically on P/Es of around 10, have swapped places with technology to trade on between 14 and 20 times prospective earnings. The growth in data and video transmission expected 10 years ago is only now becoming a reality, he adds. Before joining Gam, Hawtin ran M...
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