Top Stock Fund Beating 97% of Peers Shifts From Tech to Energy
- AMP Specialist International Share Fund is up 18% this year
- Tech stocks unlikely to drive 2024 returns: fund manager Loi
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A top-performing global equity fund is shifting its attention away from technology stocks on expectations this year’s rally won’t repeat in 2024.
While a modest overweight on US tech behemoths has benefited the AMP Specialist International Share Fund in 2023, their prospects for earnings growth are already well priced in, according to Trent Loi, a Sydney-based portfolio manager for the strategy. He’s not looking to trim tech positions yet, but is betting that energy and health shares will be next year’s winners. The A$2.6 billion ($1.7 billion) fund has grown 18% in 2023, beating 97% of peers, according to data compiled by Bloomberg.