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From 30 June, the new portfolio will comprise 40-60 companies that derive at least half of their income from digital communications, including telephone and web-based products or services.

Manager Bruno Lippens, who has been running the fund for less than a year, is being joined by Sylvie Sejournet. While Mr Lippens has experience in the telecoms industry, Ms Sejournet will focus on media and internet activities.

The managers will take a bottom-up approach to building the portfolio, and have no regional or benchmark constraints. The fund takes the MSCI World index as a performance reference.

Companies that offer high-quality services and are in touch with the end user will be key among those included in the portfolio, as will low margin product providers.

Pictet highlighted the growth of internet usage – by 27 per cent since 2000 – as central to its decision to alter the fund.

"The modes people use to communicate are subject to constant change," said Ms Sejournet. "New technologies have a significant impact on communications patterns and lead to major changes in people's daily lives. Today it is the internet, an entirely digital platform, which is shaking up people's communication habits."

However, she also stressed the relatively low saturation level of the internet globally. "Only 20 per cent of the world's population can be considered to be truly connected to the internet," she said. "Particularly in the emerging markets, there is a huge potential for growth."