Ardevora's Lang backs US tech stocks

Ardevora's Jeremy Lang has rotated his US exposure - which makes up over half of the Global Equity fund long book - out of consumer stocks and into a heavy technology overweight.

The manager said of the 200 stocks on the long book, nearly 100 are invested in the US, with every sector represented, but technology has become the dominant area at 11%. “Tech can be a dangerous place to invest. Its ability to throw up ‘the next big thing’ can encourage reckless optimism. Capital flooded into tech during the last decade of the 20th Century. Much of it remained trapped post 2000, keeping returns low. “Investor sentiment has profoundly shifted from the tech boom days. However, when things go wrong, and capital is stranded, the feeling of ‘almost everyone wins’ shifts...