Tech funds amass record $20bn in 2018

Concerns rally is overextended

Flows into tech funds have exceeded $20bn year-to-date, despite growing concerns among some fund managers that the 'tech trade' is growing old.

A further $673m poured into tech in the week ending 18 July, marking 12 consecutive weeks of inflows and bringing the total for 2018 to $20.3bn, according to data provider EPFR. This figure dwarfs the previous record amount of $18.3bn raised in 2017, the FT reports. The popularity of tech-focussed funds highlights the fact it has been the strongest-performing sector worldwide both this and the previous year. The S&P 500's Technology index has gained 15.3% so far in 2018. By comparison, there was a 4.9% increase within the broader market. Furthermore, the US stock market would be down for...