Heavily exposed to the very same stocks, the US’s S&P 500 has recovered impressively from the coronavirus market crash, up 3 per cent since the start of the year and climbing 50 per cent since the lows of March 23.
Investors and asset managers holding tech stocks have, in turn, reaped the benefits.
Baillie Gifford’s £4.8bn American fund, of which 43 per cent is invested in technology, is the absolute top performer in the 150-strong IA North America sector over a three-month, six-month, one-year, three-year and five-year period.
Over five years it has returned 320 per cent compared with the sector’s 90 per cent and the outperformance has widened since the coronavirus crisis began.
imogen.tew@ft.com
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