ETFs & Mutual Funds
Top-Performing Fund Manager Bets on AI, Cloud Tech; Shuns Apple
- Fund is overweight technology; prefers Microsoft, Nvidia, ASML
- Manager says industry dynamics not attractive for global banks
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If you want to catch the brisk recovery rally in tech stocks this year, you’d better buy shares exposed to artificial intelligence, such as Nvidia Corp., or cloud computing and avoid the popular behemoths like Apple Inc., Google-parent Alphabet Inc. and Meta Platforms Inc.
That’s the view of Zehrid Osmani, manager of Franklin Templeton’s $158 million FTGF Martin Currie Global Long-Term Unconstrained Fund, which is beating 96% of peers in 2023 with returns of about 15% versus an 8% gain in the MSCI All-Country World Index, according to data compiled by Bloomberg. Nvidia, one of the biggest beneficiaries of AI-related demand, Dutch semiconductor firm ASML Holding NV and Microsoft Corp. rank among the fund’s biggest holdings.