Fund managers ride tech boom
The best-performed Australian fund managers saw their share funds return up to 30 per cent over the last year, a survey by research firm Intech shows.
Wallara Asset Management enjoyed return of 29.3 per cent across its funds followed by Deutsche with 27.5 per cent. The best perfromers were those who rode the tech-stock boom well picking the right time to buy and sell. Wallara sold out of internet domain registry company Melbourne IT around its peak of $9 – the stock now trades at $2.
However, fund managers say they expect significantly lower returns over the next year in a much flatter market.