Crashing tech stocks have left Thomas Rice, portfolio manager of Perpetual’s Global Innovation Share Fund, sifting through the rubble.
Crashing technology stocks have left Thomas Rice, portfolio manager of Perpetual’s Global Innovation Share Fund, sifting through the rubble looking for cheap, enterprise software and software-as-a-service companies to withstand theDown 48 per cent in the past 12 months, Mr Rice’s fund has the dubious title of one of the worst-performing funds. It fell to the bottom 7 per cent of national fund performance.
“There’s already been a fairly substantial valuation multiple hit, and the risk from here is earnings risk and figuring out what’s going to be resilient in the coming economic environment.” “We’re now able to look at very high-quality stocks that we’ve never had before because they’ve just been too expensive,” he said.Perpetual has bought into the likes of MongoDB and Intuitive Surgical, two companies that were trading above 30 times sales multiples at the market peak last November, but have been caught up in the homogenous tech exit.
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