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Background
In March 2007 the Board of Finsbury Technology Trust PLC announced that it had appointed RCM, the specialist global equity company of Allianz Global Investors, as investment manager. A change of name to RCM Technology Trust PLC became effective at the end of April 2007.
Investment objective
The investment objective of the Trust is long-term capital growth through investment in the equity securities of quoted technology companies on a world-wide basis.
Investment approach
We consider that significant opportunities exist to generate capital growth over the long term through investing in a portfolio of technology shares that is diversified in both geographic and sector exposure. We believe that, firstly, the best returns are achieved by identifying leaders early on in the development of a new sub-sector in the technology market, and secondly, that it is often the case that the superior returns achieved in an emerging technology sub-sector are concentrated in a relatively small number of companies which generally have larger market capitalisations and have the resources to exploit the strength of their position.
• Long-term capital appreciation through investments in companies that use technology in an innovative way to gain a strategic competitive advantage.
• A focus on companies which are beneficiaries of ‘disruptive change’ to existing business models or distribution channels.
• A global investment remit; currently, the majority of the investments held in the portfolio are in the US, which has the largest representation of listed technology companies.
Competition among technology companies may result in aggressive pricing of their products and services, which may affect the profitability of the companies in which the Trust invests. In addition, because of the rapid pace of technological development, products or services developed by these companies may become rapidly obsolete or have relatively short product cycles. This may have the effect of making the Trust’s returns more volatile than the returns of a fund that does not invest in similarly related companies.
Benchmark
Dow Jones World Technology Index (total return, £ adjusted).
Gearing
$ gearing of 0% to 20% as a range. Please note that gearing may have the effect of making returns more volatile.
Other important factors to consider
An investment trust’s shares may trade below (at a discount to) or above (at a premium to) the underlying net asset value.
Please remember that past performance is no guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation and anyone who acts on it, or changes their opinion thereon, does so entirely at their own risk. The opinions expressed are based on information which we believe to be accurate and reliable; however, these opinions may change without notice.
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