Tech was a “standout performer” of 2023, according to one investment commentator.
Ben Yearsley, director at Fairview Investing, said while tech funds boomed in the year, China funds were “dreadful”.
Overall, the top fund sector saw returns up by 39.2 per cent between December 2022 to 2023.
And the top four technology funds saw returns up by more than 50 per cent between December 2022 to 2023.
The Nikko ARK Disruptive Innovation fund saw returns up by 58.1 per cent, Liontrust Global Technology by 58.8 per cent, T Rowe Price Global Technology Equity by 55.2 per cent and the L&G Global Technology Index by 53.2 per cent.
At the other end of the scale, the fund sector which came bottom in the year was China/ Greater China with returns down 20.3 per cent.
Yearsley said: “I don’t think many thought tech would be the standout performer of 2023 – I certainly didn’t.
“Of possibly more interest was the late rally from bonds that delivered a double digit return for high yield and a near 9 per cent uplift from investment grade bonds. Strategic bonds got left behind with many managers predicting a recession that never happened.”
tara.o'connor@ft.com
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