Lum doubles his tech holdings in Marlborough fund

Jeffrey Lum has almost doubled technology exposure in the Marlborough Far East Growth fund over the first quarter of the year.

Lum, the ARN Investment Partners manager, has taken the £29m fund’s tech exposure from 12% to 21% this year on the belief the sector has favourable supply and demand dynamics. “During the past two years, corporate spending on IT has been withheld and as a result technology firms have cut back on their capital expenditure,” Lum says. “Now companies are beginning to upgrade their IT systems, while supply is constrained. These companies also continue to trade on attractive valuations of 10x to 11x P/E.” Lum has also removed a 5% holding in HSBC. “We were quite disappointed by the fina...