Cynics have delivered warnings that dot-com 2.0, as some have dubbed the re-emergence of technology as an investment theme, will end in the same way that it did first time around. But investors have already begun to make decent returns. Axa Framlington Global Technology and Polar Capital Technology, two longstanding funds offering UK investors exposure to the sector, have both risen up by more than 20 per cent in the past six months alone.
Ben Rogoff, the manager of Polar Capital Technology Trust, says this performance has come from a broad range of companies — and that the outlook is promising. “We see the (Facebook) IPO reinforcing our core thesis,” Mr Rogoff says. “We are in the early stages of a disruptive new technology cycle, which offers the potential for next generation companies to deliver strong secular growth even against a challenging economic backdrop.”