Technology is no longer a natural overweight holding for growth funds, according to Evan Bauman, ClearBridge Investments US Aggressive Growth fund co-manager.
Bauman said that the GBP279.9 million (US$426.7 million) Legg Mason ClearBridge US Aggressive Growth fund currently has an 18% weighting towards technology against the 32% benchmark.
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He also added that: "When some investors see 2-5% turnover on a growth fund, they question it, but we have found the best way to outperform is to have long term investments in companies that trade cheaper than the market and outpace it in terms of growth."
"All sector and industry weightings are dictated by stock selection and we hold onto companies based on fundamentals and growth characteristics, not what is in or out of the benchmark," Bauman concluded.
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