We normally hold between 30 and 40 positions with a maximum weight of 10%, targeting mainly companies between $10 billion and $300 billion market cap. The fund is not benchmark oriented, keeps a low turnover in its positions and cash at minimum, usually below 10%. On 1 May 2021 the Fund transitioned to UCITS, improving and simplifying the subscription process. It is purely a matter of regulation and there have been no consequential changes to existing subscriptions or to the way in which the Fund is invested or managed.

Over the past 15 years, there has been a fundamental shift in the way that computing has interacted with the world. Computers have come out to meet the real world and to change it directly. This is the Direct Connection, and it will provide a secular tailwind for the Technology sector for decades. The fund invests in companies that will contribute and benefit from such connection.

We invest in companies that create value for our investors from the multi-decade tailwind in the Technology sector provided by the Direct Connection of computers to the real world.

We are investing not in technology, but in technology businesses, and these businesses must create value for their outside investors. We look for 4 characteristics in our investments: A strong underlying technology trend, principally Direct Connection; A company’s ability to create value as a result of that trend; Strong barriers to entry; A reasonable division of generated value between outside shareholders and other stakeholders.