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The hawkish Fed pivot towards policy normalisation continues to dominate market narratives as investors remain fixated on impending inflation and rate hikes this year. Year-to-date, the S&P 500 and Nasdaq indices have been on a downtrend with Technology bearing the brunt of the selldown. Recent US earnings season however, saw the Tech sector report surprise earnings of 90%, the highest on the S&P 500.
As of 2022, Tech earnings forecast has been revised up 10%, and we foresee more upward revisions as the global economic recovery gathers pace. The prevailing weakness in Tech presents an opportunity for investors to build long-term positions in secular trends. We recommend staying invested with our Barbell Strategy where global “Big Tech” firms are among our focus and top convictions.
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Franklin Technology Fund
This fund is an active, diversified US-centric portfolio of around 90 holdings that benefit from the development and use of Technology. Top holdings focus on large cap established leaders while also investing in a long tail of smaller and emerging technology companies. The Franklin Technology Fund opportunistically invests into IPO and private companies, which has historically been a good source of alpha for the fund.
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