US funds pile into tech as economic data improves

Managers of North American funds are building positions in cyclical sectors as they seek to increase...

Managers of North American funds are building positions in cyclical sectors as they seek to increase returns on the back of a deceleration in negative economic data. Technology stocks have been favoured, with some managers increasing weightings to the sector by up to 10% above benchmark over the past six months. Cormac Weldon, manager of the £891m Threadneedle American Select fund, has increased his weighting to the sector to 28.5% from 18.10% in December, 10.5% above the S&P 500 index, according to Trustnet data. Jenny Jones, manager of Schroder US Mid Cap, has also increased exposur...