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LATEST NEWS 7 Sep 10 Latest Fund Factsheets 5 Aug 10 Latest Fund Factsheets 16 Jul 10 Latest Fund Factsheets 7 Jun 10 Latest Fund Factsheets	7 Sep 10 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 5 Aug 10 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 16 Jul 10 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 7 Jun 10 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 12 May 10 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 16 Mar 10 - Fund Valuations on Website Owing to the Bank Holiday in Ireland on 17th March, the valuations for the Techinvest Funds will be updated on Thursday 18th March. Apologies for any inconvenience caused. 11 Mar 10 - Tech Fund Gains Over 92% from Bear Market Low Almost exactly one year on from the S&P 500 bear market low of 6th March 2009 and based on the weekly valuation of 10th March 2010, we are pleased to note that the performance table for the Technology & Telecoms IMA sector shows the MFM Techinvest Technology Fund in pole position on a one-year-return basis, with a gain of 92.60%. (Source: Bloomberg) Of course, we must point out that “the past is not necessarily a guide to future performance”. 10 Mar 10 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 19 Jan 10 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 12 Jan 10 - Number 1 Fund for 2009! Based on the nearest weekly valuation to the end of calendar 2009 (that carried out on December 30) we are pleased to note that the performance table for the Technology & Telecoms IMA sector shows the CF Techinvest Technology Fund in pole position for the year, with a gain of 68.45% since the end of 2008. (Source: Bloomberg) We attribute this primarily to the excellent performance turned in by many of the North American small cap tech stocks which made up just over 40% of the Fund at the end of 2009. Of course, we must point out that “the past is not necessarily a guide to future performance” and so, hard though we may try, a repeat percentage performance this year is unlikely. 9 Dec 09 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 2 Dec 09 - 2009 Nap Tips average 94% gain The average gain from this years New Year Nap Tips was 94.1%. Our North American New Year Tips fared even better, recording a rise of 158.1%. Find out more here. 6 Nov 09 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 5 Nov 09 - Techinvest Funds changing ACD By now, investors in the CF Techinvest Technology Fund and CF Techinvest Special Situations Fund should have received letters explaining that the ACD (Authorised Corporate Director) of the Funds will be changing from Capita Financial Managers to Marlborough Fund Managers at the end of calendar 2009. Techinvest is, and will remain, Investment Manager to the Funds and will continue to make all investment decisions on their behalf. 30 Oct 09 - UK Postal Strike UK Postal Strike: Due to industrial action, postal services in the UK have been seriously disrupted. Therefore, in these unusual circumstances, we have replaced the sample newsletter on our website with the latest (November) issue. To download, click on the Newsletter picture on the home page of the website. 15 Oct 09 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 8 Sep 09 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 15 Jul 09 - Technology Fund As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Technology Fund. We should be in a position to update the price tomorrow morning. 24 Jun 09 - Special Situations Fund As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Special Situations Fund. We should be in a position to update the price tomorrow morning. 17 Jun 09 - As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Special Situations Fund. We should be in a position to update the price tomorrow morning. 10 Jun 09 - Valuation Update Prices for the CF Techinvest Technology Fund and CF Techinvest Special Situations Fund are not currently available for posting to the website. We anticipate that the Fund prices will be posted to the site before 10:00am on Thursday 11th June. 3 Jun 09 - Latest Investment Review - CF Techinvest Technology Fund CF Techinvest Technology Fund: Investment Review (Year to April 30 2009) Conditions on world stockmarkets over the past year have been extremely volatile and very difficult, certainly the worst since 1973/74 and arguably even further back than that to 1929/32. All stockmarket sectors have suffered, with small cap stocks on AIM faring worst of all, as investors sought sanctuary, albeit with limited success, in larger companies thought to be better able to absorb the many shocks to the world’s financial systems. Against this background, it is pleasing to report that shares in the Fund ended the year to 30 April 2009 at 109.55p, a fall of 13.32% over the twelve months. This is in line with the decline of 13.52% by the techMARK AllShare index over the same period, but is substantially better then the falls recorded by the FTSE 100 (30.29%), the Nasdaq Composite (28.83%) and the FTSE SmallCap (29.87%), while the AIM AllShare index collapsed by as much as 50.94%. It is worth keeping in mind that most of London holdings in the Fund are both small cap and on AIM. In our half year Investment Review to shareholders, dated 22 November 2008, we wrote “The market action on Wall Street on November 20/21 was strongly suggestive of a very important market low, if not the ultimate low of this bearmarket”. While this turned out to be true for most of the North American stocks in our portfolio, many of which have since turned in stunning performances, it wasn’t quite true of markets overall which went on to make new lows in early March. Nonetheless, we are pleased to report that the second half of the year to April 30 saw an increase of 11.69% in the value of shares in the Fund, with the North American holdings very much to the fore. This gain contrasts with a fall of 3.05% by the FTSE 100, while the Nasdaq itself was down 0.21%. The AIM AllShare was ahead by 7.86%. Since its inception almost six years ago now, the Fund’s total gain over the period is 9.55%. This is ahead of the 7.67% increase by the FTSE 100 and far ahead of the 20.90% decline in the AIM AllShare. It is however behind both the techMARK AllShare (+53.38%) and the FTSE Small Cap (+12.38%), while the advance in the Nasdaq is 15.04%. At the time of the half year report, we observed that the period was one of relatively limited activity by the Fund Manager. “With falls in very many stocks bearing little or no apparent relationship to newsflow, there seemed little point jumping out of one to buy another, only to find that it in turn eventually fell too”, we wrote. This policy continued until towards the middle of March when, particularly in the case of North American tech stocks, we sensed the beginnings of a return to reality. Accordingly, the pace of our dealing activity has picked up since. In London especially, it is noticeable that some semblance of a two-way market has finally re-appeared in many smaller stocks. We ended the year with a cash content of only 4.3%, down from 10.2% in mid-February. North American content amounted to 36.2%, down a tad from the record 36.3% of a couple of days earlier. The ten largest London holdings, in alphabetical order, at April 30 were: Alphameric, Alterian, Autonomy, Avanti Communications, IDOX (the largest at 3.2%), KBC Advanced Technologies, Microgen, SQS Software Quality Systems, System C Healthcare and Vialogy. The ten largest North American holdings, also in alphabetical order, were: 3Com, Arcsight (the only software IPO on Nasdaq in 2008, now up some 260% from its low last November), Art Technology, Bridgewater Systems (we have since added again, following exceptional results on May 1), ClickSoftware Technologies, Local.com, March Networks, Openwave Systems, Sandvine and Sycamore Networks. Nine of these have doubled or more from their 2009 lows. In each case the gain is even greater from the late-2008 low. Unbelievably, as subscribers to the Techinvest newsletter already know, three of the above were selling at less than their net cash and equivalents on January 1, while a fourth was going for 81% of its cash value. Nine of the ten were on attractive PSRs (price-sales ratios) and PRRs (price-research ratios) too. As we said in our half year report, “while these factors were not considered back in Ben Graham’s time, we’ve no doubt that if he were still around today, he would find much of compelling fundamental appeal in many of today’s small-cap tech stocks.” We continue to unearth enticing undervalued small caps, particularly in North American markets. Just one week before the year-end for the Fund, we acquired an initial position in Westell Technologies at an average of 39.9 cents a share, well below the net cash of 73 cents per share shown on its December 31 balance sheet. For as long as we’ve known the Company – and that’s going back several decades – it has operated out of Aurora, Illinois as a manufacturer of telecommunications access equipment for use at the interface between telephone exchanges and subscribers. Through the years it has passed through a myriad of corporate hands, eventually returning to the stockmarket (again!) in 1995. Since then, it has struggled to stay consistently profitable. Right now, it is going through one of its loss-making phases. Nonetheless, at 40 cents the PSR is a mere 0.13 and the PRR 1.54. On top of that, a new experienced CEO came aboard near the end of February and a new CFO joined in the middle of April. Interesting shareholders include top US microcap specialist Royce and Associates, with a 6.3% stake per a January 30 filing, while on February 13 Renaissance Technologies (controlled by James Simons, reputedly the world’s 55th richest individual) revealed a 7.5% stake. Why such a level of interest in a tiny company (market cap: $30m)? Presumably because, in addition to its turnaround potential, Westell is a likely beneficiary of the $7 billion part of the Obama stimulous package intended for rural broadband applications. Another glaring example of how out-of-kilter small cap US valuations had become is data networking solutions specialist 3Com, which has also been around for a long time in one form or another. The Fund bought the shares last July at $2.02. During the subsequent autumn panic, the price sank as low as $1.43, despite no visible change in its prospects. At that level, based on annual sales of as much as $1.4 billion, the PSR was 0.41 and the PRR 3.0, while net cash per share was 87 cents or 60% of the share price. The prospective P/E for the current year to May 2009 was only 3.8. Yet this is a Company which derives a large and rising portion of its telecoms sales from China, has an intrusion prevention software subsidiary growing at over 40% per annum and in its last two reported quarters had total operating cash flows of $157m (40 cents a share). Since then, some semblance of reality has returned with a 190% rise in the shares. The Fund sold 30% of its holding before April 30, releasing cash to increase its position in Sandvine and to acquire its stake in Westell. In the most recent issue of the Techinvest newsletter posted to subscribers on May 1, we quoted data underlying the growing recognition in the US of the relative attractions of the technology sector compared to other sectors of the stockmarket. In particular, we noted the debt-free nature of most balance sheets in the sector and the relatively low valuations of most stocks compared to the market at large. We also drew parallels with the years after the end of the protracted 1973/74 bearmarket, up to then the worst since the 1930s, when tech stocks far outperformed the general market indices for a period of over eight years. Based on all this, we went on to write: “And with the rapidly rising importance of the Mobile Internet likely to fuel the next tech boom, the tech sector could outperform for some considerable time to come.” A copy of the May newsletter can be downloaded from our website (www.techinvest.ie). Click on the newsletter banner on the home page and then download the sample newsletter. Our focus here at Techinvest remains as ever on the longer term. Our many years of experience have taught us to remain largely indifferent to short term stockmarket movements, be they up or down. Typically, we hold stocks for two to three years, often considerably longer. That doesn’t mean we don’t top slice a holding where the price has raced ahead of the underlying fundamentals; or, alternatively, add to an existing holding whose value has fallen to what seems to us an unduly depressed level. We believe the Fund is the only UK authorised one of its type available to the general public that offers significant dual exposure to both the London and North American small cap tech sectors. At 30 April, over 95% was invested in these, with 36% in stocks primarily traded on North American exchanges. The Fund is valued once a week at 10:00am each Wednesday. The latest price is normally posted by 5:30pm that day on the Techinvest website home-page at www.techinvest.ie 6th May 2009 19 May 09 - Latest Fund Factsheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 1 Apr 09 - CF Techinvest Technology Fund As the relevant information was not available to us at the close of business this afternoon, we were unable to update the price of the CF Techinvest Technology Fund. We should be in a position to update the price tomorrow morning. 1 Apr 09 - CF Techinvest Special Situations Fund As the relevant information was not available to us at the close of business this afternoon, we were unable to update the price of the CF Techinvest Special Situations Fund. We should be in a position to update the price tomorrow morning. 11 Mar 09 - Fund Fact Sheets Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 14 Oct 08 - Downloadable Fund Update Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 1 Oct 08 - Techinvest Technology Fund As the relevant information was not available to us at the close of business this afternoon, we were unable to update the price of the CF Techinvest Technology Fund. We should be in a position to update the price tomorrow morning. The price of the CF Techinvest Special Situations Fund has been updated. 17 Sep 08 - Technology Fund Price As the relevant information was not available to us at the close of business this afternoon, we were unable to update the price of the CF Techinvest Technology Fund. We should be in a position to update the price tomorrow morning. The price of the CF Techinvest Special Situations Fund has been updated. 10 Sep 08 - Downloadable Fund Update Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 3 Sep 08 - Fund Annual Reports We have been informed that the annual reports for the CF Techinvest Technology Fund and CF Techinvest Special Situations Fund have been sent to investors. We apologise for the delay in sending out the reports which are for the year ending April 30 2008. This was due to events beyond our control and we have made enquiries with Capita Financial Managers to try to ensure a more timely dispatch of the reports in the future. 14 Aug 08 - Downloadable Fund Update Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 14 Aug 08 - techMARK AllShare major chart breakout We have observed a major chart breakout for the techMARK AllShare index versus the FTSE 100. In our opinion, this bodes well for tech stocks. Click here for details. 19 Mar 08 - Technology Fund Price As the relevant information was not available to us at the close of business this afternoon, we were unable to update the price of the CF Techinvest Technology Fund. We should be in a position to update the price tomorrow morning. The price of the CF Techinvest Special Situations Fund has been updated. 5 Mar 08 - Technology Fund Price As the relevant information was not available to us at the close of business this afternoon, we were unable to update the price of the CF Techinvest Technology Fund. We should be in a position to update the price tomorrow morning. The price of the CF Techinvest Special Situations Fund has been updated. 20 Feb 08 - Technology Fund Price As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the CF Techinvest Technology Fund. We should be in a position to update the price tomorrow morning. The price of the CF Techinvest Special Situations Fund has been updated. 21 Dec 07 - Fund Valuations over Christmas Period Christmas period valuations for the CF Techinvest Technology Fund and the CF Techinvest Special Situations Fund. We have been informed by the Fund's operator, Capita Financial Managers, that all Wednesday weekly valued funds will miss one week's valuation. Therefore, the Techinvest Funds will next be valued on Wednesday 2nd January 2008. 19 Dec 07 - Valuation Update As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Techinvest Funds. We should be in a position to update the price tomorrow morning. 17 Oct 07 - Downloadable Fund Update Latest downloadable fund updates can be found under the Techinvest Funds section. (You will need Adobe Acrobat Reader) 24 Sep 07 - Downloadable Fund Update Click here to download an update on the CF Techinvest Technology Fund. (You will need Adobe Acrobat reader) 27 Aug 07 - Stop-Losses in the Newsletter The introduction to the stop-loss summary table in each issue of the newsletter advises subscribers to use the suggested stop-loss limits as a guide. It goes on to state that “rigid application of the limits is less appropriate in the event of a major market correction or in very volatile conditions”. In view of the unprecedented volatility of recent markets, we have decided to suspend for the time being the recommended limits with effect from the close of trading on August 15. By that stage, since the last issue of the newsletter stop-losses had been triggered in ITIS, Morse, OCZ, Tanfield and Thus. This is not the first time we have suspended the use of stop-losses through the years. Once more normal conditions return we will, as on previous occasions, start using them again where appropriate. 1 May 07 - Printing Error on Back Page A printing error occurred with the May 2007 issue which resulted in part of Trader Portfolio becoming obscured. We have uploaded a corrected version of the entire issue as the sample (which can be found under the 'newsletter' menu item). Alternatively, any subscribers who require a hard copy of the corrected page can request this to us by phone, fax or e-mail and we will be happy to send it to them. 22 Nov 06 - Valuation Update As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Technology Fund or Special Situations Fund. We should be in a position to update the price tomorrow morning. 4 Sep 06 - Printing Error in September 2006 Issue Due to a printing error, page 4 of the September 2006 issue was incorrectly formatted, which resulted in the part omission of commentary on MTI Wireless Edge. The full content of this article is displayed below, and we would like to reassure subscribers that no other part of the September issue was missing. Please accept our apologies for any confusion this may have caused. The article will be reprinted in full in next month’s issue of Techinvest. In the meantime, any subscribers who require a hard copy of the corrected page 4 can request this to us by phone, fax or e-mail and we will be happy to send it to them. MTI Wireless Edge 44.5p (MWE; AIM, not in FT) The strong momentum seen in the past in both sales and earnings continued in the first half ended June 30. Revenue was up 36% to $7.3m while an improved operating margin pushed profit before tax up 84% to $1.4m. This gave earnings per share of 3.1 cents, a 30% advance year-on-year. Operating cash inflow was $1.37m, which left net cash and equivalents of $12m, or 12p a share. With a healthy order book worth around $4.1m deliverable over the rest of 2006 (compared with $2.75m at the same time last year), MTI is very positive about the outlook. The fixed wireless broadband equipment market is estimated to be growing by 40% a year, so it is easy to see why MTI is bullish on its prospects. Keep buying. 14 Jun 06 - Valuation update As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Technology Fund. We should be in a position to update the price tomorrow morning. 7 Jun 06 - Valuation update As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Technology Fund. We should be in a position to update the price tomorrow morning. 26 May 06 - Techinvest Fund enters Performance Table in Top 3 Position As of May 19, the CF Techinvest Technology Fund became eligible for inclusion in the three year sector of the performance tables for the Technology and Telecommunications UK classification, as published by Bloomberg. The first such table to appear since then showed the Fund in third position (out of 17) in the three year column. It was also first in the one year and in the year-to-date columns. While we are gratified with our premier position in these last two columns, we prefer to be judged on our standing in the three year column. Subscribers with us for many years know that our prime focus has always been on the longer term picture and that we set little store by short-term fluctuations in the market. Needless to say, our goal remains to get to top position in the three year column and also in the five year when we are going long enough for that. However, we should also point out that positions in the performance tables are not cast in stone and that no fund stays at the top all the time. The shorter the term over which performance is measured, the more variable the relative positions of the funds in any one sector tend to be. The past is not a guide to future performance. 29 Mar 06 - Valuation update As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Technology Fund. We should be in a position to update the price tomorrow morning. 8 Mar 06 - Valuation update As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the Technology Fund. We should be in a position to update the price tomorrow morning. 16 Nov 05 - Valuation As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the fund. We should be in a position to update the price tomorrow morning. 2 Nov 05 - Valuation update As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the fund. We should be in a position to update the price tomorrow morning. 20 Jul 05 - Price as at 20 July 2005 As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the fund. We should be in a position to update the price tomorrow morning. 6 Jul 05 - Price as at 6/7/2005 As the relevant information was not available to us as at close of business this afternoon, we were unable to update the price of the fund. We should be in a position to update the price tomorrow morning. 23 Mar 05 - Historical Annual report and Interim Statements Download the October 2004 Interim Statement here Download the April 2004 Annual Report here Download the October 2003 Interim Statement here 5 Jul 04 - Annual Report available here The CF Techinvest Technology Fund Annual Report and Financial Accounts 30 April 2004 is available for download by clicking here 15 Jan 04 - Update All holders of shares in the CF Techinvest Technology Fund should have received before Christmas a copy of the official Interim Report and Financial Statements for the period from May 19, the end of the launch period, to October 31. If you have not yet received your copy or if you are seeking additional copies for family or friends, please contact the Customer Service desk at Capita Financial Managers (see telephone number below). Alternatively, you may send your request direct to Techinvest at our usual address or telephone number, or by email to enquiries@techinvest.ie. Non-investors are also invited to request a copy by contacting either CFM or Techinvest. As reported last month, we are pleased to confirm that the Fund is now eligible for inclusion in Individual Savings Accounts (ISAs) by UK tax-residents. To celebrate this, we announced last month a reduction from 5% to 2% in the normal Preliminary Charge applied to all new investments into the Fund during the period between 1 December 2003 and 14 January 2004. In response to requests, we are now pleased to extend the closing date for this special offer by a week to January 21. It should be noted that the reduction applies equally to both ISA and non-ISA investments. For any assistance on administrative matters or if your are interested in buying or selling shares in the Fund, please contact: Capita Financial Managers 4th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7HH. Numbers for Capita: Technical Support: 0845 3002110 (application forms,literature, etc) Dealing / Registration: 0845 9220044 (placing an order) Ticker Symbol: CFTTECA 28 Aug 03 - Fund Progress Report The first regular biannual formal report to investors in the Fund will cover the period to October 31. This will be sent out by the fund operator, Capita Financial Managers (CFM), not too long after that date and will include an Investment Advisers report prepared by Techinvest. In advance of this, we thought it might be useful to give newsletter readers, who comprise the majority of investors in the Fund, some sort of interim progress report, now that it is a little over three months since the Initial Offer period ended on May 19. At that point, the Fund had received £6.1m, resulting in the creation of 6.1 million shares at 100p. Since then, there has been a steady trickle of new money. At the most recent valuation point at 10.00am on Wednesday August 27 the number of shares in issue was 8.52 million, each with a value of 129.36p. The Fund was therefore worth £11.02m at that date. The appreciation in the price to date represents a gain of 29.36%. This compares with an advance of 6.74% by the FTSE 100 index and one of 16.87% by the techMARK AllShare index, which is the benchmark for the Fund. After a slow initial start, the Fund is now nicely ahead of its benchmark and even more so of the main London market index, the FTSE 100. It is worth remembering that the investments to date have been made against the background of a rising market, a factor which militates against outperformance. At the latest valuation, 83.2% of the assets were invested in shares, with the balance in cash. Of the shares invested, 80.5% are categorised as United Kingdom, 15.8% as US, 2.8% Canada and 0.9% Ireland. Total number of holdings is 44 as of August 27. The ten largest (in alphabetical order) are Alphameric, Ascential Software, COLT Telecom, Innovation, LogicaCMG, Marconi, Marlborough Stirling, Merant, NSB Retail Systems and ServicePower. With the exception of Nasdaq-listed Ascential Software all of these are quoted on London. The five best performing stocks so far, based on the average price paid for each, are Fibernet (up from 34.6p to 99p), NSB Retail Systems (6.29p to 16.38p), AIT (30.0p to 68.5p), and COLT Telecom (57.69p to 98.5p). The Fund has made only two sales to date, both partial. It is not our intention to trade quickly in and out of stocks, although there will be situations where it is appropriate to do so. Instead, in line with the traditional Techinvest philosophy, our focus is on the medium-term. For instance, of the 36 New Buy ratings in the newsletter throughout 2001, 22 have since been advised as sales with 14 still under coverage. For 2002, the corresponding figures are 36, 6 and 30. It is likely that the average holding period for the Fund will be broadly similar, although there will be stocks that remain in the Fund for five years or more, as well as very much shorter. We regret to say there has been no change in the ISA status of the Fund. As with other similar new funds, it is still not eligible for inclusion by UK investors in Individual Savings Accounts. As we explained before, this is an industry-wide problem. The expectation remains that the Inland Revenue will adjust their rules before too long, but there is still no guarantee this will happen in the current tax year. The price of shares in the Fund can be found in the FT Managed Funds Service section of the Financial Times. It can also be found on our web-site (www.techinvest.ie) where it is updated each Wednesday afternoon as soon as we receive it. For any assistance on administrative matters or if you wish to buy or sell shares in the Fund, please contact Capita Financial Managers at 4th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7HH. Telephone:+44(0)20 7556 8800; Fax: +44(0)20 7556 8850. Please note that Capita’s address and fax number have recently changed, but not the telephone number. Capita Financial Managers is authorised and regulated by the Financial Services Authority. The value of shares in the Fund is provided by CFM and includes reinvested income. The index values used are taken from a Bloomberg terminal at the same point in time . The Fund is not authorised for sale to the public in the Republic of Ireland. 11 Jun 03 - Update We thought it might be useful to provide a preliminary report at this stage covering the activities of the Fund up to the weekly valuation point at 10am Wednesday June 11. This showed a value for the shares of 105.49p, a gain of 5.49% since the end of the fixed price Initial Offer period on May 19. Over the same period, our benchmark index, the techMARK All Share, recorded an improvement of 9.4% while the FTSE 100 is up by 5.2%. Our slow relative start is due to the fact that the money in the Fund is only partly at work to date. So far, just over 40% of the funds received have been invested in a total of 23 stocks. We have found it much more difficult than anticipated to get meaningful positions in many of the smaller stocks that have worked so well for the Techinvest newsletter in the past. Putting £5000 into a small AIM stock is one thing; managing to buy £150,000 worth without an unfavourable move in the price of the stock is a very different matter. For that reason, we are very gradually and carefully building up worthwhile positions in some of our smaller favourites. However, in some it just hasn’t proved possible so far. Of the 23 stocks now held, five are North American – Ascential Software, Fairchild Semiconductor, Geac Computer, SR Telecom and Xilinx a specialist in the design and manufacture of field-programmable gate arrays. So far, we are showing a profit on all five, with SR Telecom leading the pack with a gain of over a third. Of the 18 London stocks held, the top 10 holdings are in Alphameric, COLT Telecom, LogicaCMG, Marconi, Merant, Planit, Innovation, Fibernet, NSB Retail and Plasmon. Several of the other holdings are partial positions in smaller companies which we are attempting to build up and therefore are unwilling to reveal at this time. Of the top 10 mentioned above, we are presently showing a profit on nine. We are carefully monitoring prices and newsflow in a long list of Wait-and-Watch stocks and expect to invest in a number of these as suitable opportunities arise over coming weeks. There is also no shortage of interesting candidates to add to this list. Investors in the Fund will be sent a report by Capita Financial Managers twice a year. The first of these should be sent out by the end of November and will cover the period up to October 31. The second report will normally cover the year to April 30. We have no plans to issue regular updates on the progress of the Fund, over and above the mandatory twice yearly reports. However, we felt it a good idea to issue this early-stage report in order to give investors a flavour of how we are progressing with investing their money. Once we get closer to a fully invested position we will issue a further update on this site, hopefully before the end of the summer. For any assistance required on administrative matters or if you wish to buy or sell shares in the Fund, please contact Capita Financial Managers at 88 Borough High Street, London SE1 1ST. Telephone: +44(0)207-556 8800; Fax: +44(0)207 556 0101. 20 May 03 - Update The Initial Offer period for the Fund closed yesterday evening. A total of £6.11m was invested, spread over 859 shareholders. This includes over £1.2m invested by Techinvest Ltd and certain of its principals. In addition, commitments to Monthly Savings Plans amounted to an annualised £378,000. We are very grateful to all who subscribed and entrusted their monies to us. Please be assured that we will be doing our best over the coming years to provide a meaningful return on your investment. We would emphasise the long-term nature of the Fund, and would also advise there is also likely to be considerable volatility along the way. The fund has now made its first investments sand, providing market conditions remain suitable we plan to invest a substantial part of the remainder raised over the coming weeks. The Fund will be valued by CFM each Wednesday morning and the price will appear daily in the Financial Times and also on our web-site. Of course, further investments into the Fund are possible at any time, based on the next valuation day’s price. Instructions may be provided either in writing to Capita Financial Managers, 88 Borough High Street, London SE1 1ST or through their order line on 0845 9220044. The reduction in the Preliminary Charge from 5% to 2% continues to apply until the end of May 2003. 19 May 03 - Update Today is the last day of the Initial Offer period for the Fund. After today, the trading price of the shares will be determined by the value of the underlying assets. The preliminary charge will remain reduced from 5% to 2% until the end of May. Today is also the first day in which the Fund has invested some of the cash received. The initial investments are being made gradually in a selection of London and North American listed stocks. With reference to amending regulations to permit UK shareholders to hold their investment in the Fund within an ISA, the following was issued by HM Treasury on May 16. Undertakings for Collective Investments in Transferable Securities (UCITS) and Individual Savings Accounts (ISAs) and Personal Equity Plans (PEPs) The Government has decided to allow a wider range of investments to be accepted into ISAs and PEPs. In future all UCITS will be accepted as qualifying investments for ISAs and most UCITS will be qualifying investments for PEPs. We will be bringing forward amending regulations to achieve this shortly. This change to ISA and PEP investment qualification responds to the replacement by the FSA of different categories of pooled funds (such as securities schemes and warrant schemes) with a single category of ‘UCITS schemes’. This follows the implementation by the FSA of the UCITS Amending Directive on investment powers. Given the wide range of investments allowed to a UCITS scheme, not all UCITS schemes can be allowed into the stocks and shares component of an ISA, or into a PEP. To maintain the distinction between cash-like equities (which can be held in the cash component of an ISA) and other equities (which can be held in the stocks and shares component of an ISA, and in a PEP), the Government has proposed a test to distinguish between cash-like and other UCITS schemes based on the proportion of capital which an investor could be certain or near certain of receiving from their investment. Investments that would return at least 95% of the investor’s original capital would be eligible for the cash component of the ISA – lower returns of the original capital would be eligible for the stocks and shares component of the ISA, and the PEP. This proposal has been welcomed by the industry as simple and workable. We will be talking to them further about the detailed arrangements. The overall result is that ISAs and PEPs will become an even more flexible savings and investment as they will be able to accept a wider range of investments. 15 May 03 - Update This is a reminder that the Initial Offer period for the Fund terminates at the close of business on Monday May 19. Until then, the price of the shares is held fixed at 100p. After that, it will be determined by changes in the value of the underlying assets of the Fund. We are very pleased with the level of investment into the Fund so far. We will publish the final figure of monies received, once we have this information next week. We will also quantify the amount which Techinvest and certain of its principals have invested, a sum which is expected to be well in excess of £1m. We are especially pleased with the amounts which have been committed to the Monthly Savings Plan. This is a practice we highly recommend to long-term investors. It gives all of the advantages of “pound cost averaging”, whereby more shares are bought when prices are lower, thereby reducing the average purchase cost of shares below the average dealing price. Of course, investors can also purchase shares in the fund at any time after the initial offer period ends on May 19, but based on the price at the next subsequent valuation date. The Fund will be valued once a week, at 10am each Wednesday. This value will be published daily in the Financial Times in the FT Managed Funds Service – look under the listings for Capita Financial Managers. We also intend to publish it on our web-site. The normal Preliminary Charge was reduced from 5% to 2% for the duration of the Initial Offer period. Because of the confusion over the ISA status of the Fund, this has been extended to the end of May. The Fund has not yet made any investments, for regulatory reasons relating to the duration of the Initial Offer period. However, we have been busy researching suitable opportunities on both side of the Atlantic, with a view to making our first purchases early next week. 7 May 03 - Update CFM have informed us that updated KFD's and application forms will be dispatched before the end of business today. 7 May 03 - Update THE TECH REBOUND: HOPE AND CAUTION The following is taken from an Editorial piece with the above heading in the May 5 issue of respected US publication BusinessWeek which strongly substantiates our view that the long-awaited tech recovery is finally under way. The issue also contains a two and a half page article “Why The Tech Turnaround Looks Real” which provides supporting detail for the editorial view. It isn’t sizzling. It isn’t galloping. It isn’t soaring. It isn’t any of those things. But the long awaited tech recovery is here at last. Spending on technology is expected to rise about 2.3% this year, and while that’s much lower than the industry’s historic 10% annual growth rate, it’s a lot better than the 6% declines of the past two years. It’s also very good news for the U.S. economy, which has lost nearly 2 million jobs since 2001. What’s behind the turnaround? A combination of factors. Wi-Fi broadband technology is giving a boost to the sales of laptops as people untether themselves from cables to get onto the Net. Freeing employees from their desks appears to be a big productivity booster. Starbucks is putting in Wi-Fi to attract more people to its shops to belt down more high-priced double lattes. Companies are also beginning to replace some of their aging computers and servers while up-grading their software. Any kind of productivity-enhancing technology is attracting interest. 7 May 03 - Update THE TECH REBOUND: HOPE AND CAUTION The following is taken from an Editorial piece with the above heading in the May 5 issue of respected US publication BusinessWeek which strongly substantiates our view that the long-awaited tech recovery is finally under way. The issue also contains a two and a half page article “Why The Tech Turnaround Looks Real” which provides supporting detail for the editorial view. It isn’t sizzling. It isn’t galloping. It isn’t soaring. It isn’t any of those things. But the long awaited tech recovery is here at last. Spending on technology is expected to rise about 2.3% this year, and while that’s much lower than the industry’s historic 10% annual growth rate, it’s a lot better than the 6% declines of the past two years. It’s also very good news for the U.S. economy, which has lost nearly 2 million jobs since 2001. What’s behind the turnaround? A combination of factors. Wi-Fi broadband technology is giving a boost to the sales of laptops as people untether themselves from cables to get onto the Net. Freeing employees from their desks appears to be a big productivity booster. Starbucks is putting in WI-Fi to attract more people to its shops to belt down more high-priced double lattes. Companies are also beginning to replace some of their aging computers and servers while up-grading their software. Any kind of productivity-enhancing technology is attracting interest. 6 May 03 - Update We had a couple of phonecalls this morning from subscribers expressing surprise that the May issue of Techinvest, which they received on Saturday, did not contain any reference to the Fund. We explained that due to the uncertainties over the ISA status of the Fund (see Update below, dated May 2) at the time of going to print, our legal advisers had strongly counselled us against putting anything in the newsletter that could be construed as promoting it in any way. We had prepared an article for the newsletter, which we are now free to publish on our web-site. Under the title "CF Techinvest Technology Fund", it is an edited version of the marketing letter, which had been posted out with the original Key Features Document ten days ago, and reads as follows: We are pleased to announce that the Fund was finally launched on April 29. We are very excited by this development, which comes more than 18 years after the first issue of Techinvest was published in 1984. Since then we have seen considerable volatility in the technology sector. In particular, the period up to March 2000 saw spectacular gains for many stocks, followed by a prolonged bear market, which saw some even more spectacular collapses. History Here at Techinvest, we have been through it all before. In our first anniversary issue in October 1985 we wrote about the decline in the tech sector benchmark of that time, the FT Electronics sub-index, which, over the previous twelve months, had underperformed the main market by 52 percentage points. This was after the end of a period from the beginning of 1975 to the middle of 1983 when the H and Q technology index, then the main tech sector benchmark in the US, rose by well over 1000%. In that issue we said: “ There has been an apparent endless sequence of once mighty heroes hitting the dust. In severity, the decline in the Electronics sector can only be compared with the infamous general market collapse of 1974”. We went on to say: “North American investors of course have seen it all before. Once or twice every decade the technology sector gets overheated and over-rated. As sure as night follows day, gloom follows boom and the sector falls out of bed. Speculators depart the scene, the average investor loses interest and over-reaction occurs. This eventually creates tremendous buying opportunities for the long-term investor. “It is difficult to escape the impression that the London market is at present in a state of semi-conscious daze when it comes to technology shares”. All the above applies just as much now as then! The rest, as they say, is history, although sector recovery didn’t set in until two months later in December. Of course, it wasn’t steady progress all the time after that. It never is. There were plenty of thrills and spills along the way. And there was also the small matter of the general market crash in October 1987 which, in the longer perspective of history, proved to be not much more than a blip. Excellent Time to Launch Collective investment schemes provide a wider spread of holdings than most investors can afford. Because of this, if managed properly, the risks associated with owning just a few individual stocks are reduced. We believe that now is an excellent time to launch a fund focused on the technology sector. Between March 2000 and October 2002, the FTSE techMARK 100 index underperformed the FTSE 100 by 82%. Since then, it has ceased to underperform, suggesting that recovery may be at hand. As highlighted in recent issues of Techinvest, many shares now offer excellent value, often supported by high levels of cash. The recent March issue listed nine with sustainable dividends yielding more than twice that available from the FTSE 100. In addition, many companies have undergone painful restructuring and cost-cuts, leaving them nicely poised for a sharp profit recovery when business levels pick up once more. Partners Our partners in this venture are Capita Financial Managers (CFM) whose ultimate holding company is The Capita Group. With over 17,000 employees, Capita is one of the UK’s largest companies and a member of the FTSE 100 index. As it already does for over 190 funds, CFM will provide all back-office services for the Fund and will also be responsible for all administrative matters concerning investors, including the processing of orders. Although making all investment decisions in relation to the fund, Techinvest will not be directly handling client money at any time. The Fund will only invest in the tech sector, mainly in stocks with a London quote. However, up to 25% may be in stocks traded elsewhere, primarily North America. The objective is to achieve capital growth over the long term. As such, the fund is not suitable for short-term investors. The Fund will make no attempt to duplicate the Trader Portfolio, details of which are published in each issue of the newsletter, though there is likely to be some overlap of holdings. However, the nature and relative sizes of the two mean that what is suitable for one may not necessarily be suitable for the other. In particular, we view it as extremely unlikely that the Fund performance will be near as good as that reported for the Trader Portfolio over the years. Instead, our benchmark will be the FTSE techMARK All-Share index. The Fund is an open-ended investment company (OEIC) which has been authorised by the Financial Services Authority in the UK. One key difference from a unit trust is that an OEIC has a single price based on net asset value but at a mid-market price, rather than the separate bid and offer prices of a unit trust. This means that changes in the quoted price are controlled by the value of the underlying assets, unlike a unit trust where the bid-offer prices are subject to alteration at the discretion (within limits) of the fund operator, even if the asset value remains unchanged. As well as facilities for handling lump-sum investments, CFM have a dedicated team handling Savings Plan applications. Making monthly payments into the Fund gives the benefits of pound-cost averaging and means you get more shares when prices fall. This is a practice we strongly favour for risk-averse investors. Investment Management Team The fund manager is Conor McCarthy, founder and editor since 1984 of the Techinvest newsletter. Before devoting himself full-time to Techinvest in 1993, Conor spent 30 years working in the telecoms industry for companies in the UK, Canada and Ireland. Between 1982 and 1993 he held project management positions on major projects for a number of countries including Ireland, Kenya and Germany. Conor has been an advisor to the Dublin-based Montgomery Oppenheim Technology Exempt Unit Trust since its inception in 1994. This is a fund for Irish pension funds with recognised tax-exempt status. It invests in tech companies on a world-wide basis. At the end of December 25.4% of the fund was invested in US and 39.6% in UK stocks. Conor is also a member of the Advisory Committee of the Campus Companies Venture Capital Fund, set up in May 1998 with funding from an Irish Government agency and the seven principal universities in Ireland, to commercialise academic research. Anne McIvor is joining Techinvest on June 1 to boost our research capability and to assist in running and managing the Fund. Anne has a BSSc. in Sociology and Politics from Queens University, Belfast, and an MSc (Econ) in Development Management from the London School of Economics. She has spent the best part of 17 years in the City, most of it as an investment analyst, with a focus on European equities, at several well-known stockbrokers. In more recent times, Anne’s focus has been on small companies, most with a strong tech flavour, and as a contributor to investment publications both hard-copy and on-line . Stuart West has been with Techinvest since October 2000. Prior to that, he was a civil/structural engineer with 15 years international experience, much of it in the petro-chemical industry. During this time, he developed a keen interest in the stockmarket and tech stocks in particular. As well as continuing his newsletter contributions, Stuart will also provide research for the Fund. Keith Woolcock has been appointed consultant to the CF Techinvest Technology Fund. Keith has over 20 years experience in the technology sector, both as a press commentator and as an investment analyst with several leading stockbrokers. Most recently, he was head of the Technology research team in the London offices of leading Japanese bank Nomura. Keith is well known amongst fund managers and the media for his robust, incisive views. He is highly respected for his prescience in identifying core trends and emerging themes in communications and computer sectors and their impact on companies. Initial Offer The Initial Offer period started on Tuesday April 29 and, for regulatory reasons, must terminate on Monday May 19. During this time the price is being held fixed at 100p. On top of that, the normal Preliminary Charge of 5% is reduced to 2% until the end of May. The minimum initial lump sum investment is £1000 with no minimum for subsequent investment. The minimum amount per month under the Monthly Savings Plan is £100. The price will be published daily in the Financial Times. We also intend to make it available on our web site and in the monthly issues of Techinvest. A half-yearly report with commentary will be sent by CFM to each investor in the Fund. During the Initial Offer period, and for some time thereafter, the Fund will be actively marketed only to current and recent subscribers. While limiting the Fund size, this means that early investors should get the benefits of greater flexibility which comes from active management of a smaller fund. Techinvest Ltd, together with certain of its principals, intend to invest at least £1m during the Initial Offer period, thereby aligning their interests with other investors. A Key Features Document which included an Application Form was recently sent to all subscribers. For regulatory reasons this excluded those in the Republic of Ireland. Additional copies can be obtained from Techinvest or from Capita Financial Managers at 88, Borough High Street, London SE1 1ST; telephone: 020 7556 8800. Any enquiries or requests for help should be directed to this number or to:enquiries@capitafinancial.co.uk. Access to the Key Features Document is also available through our web-site a www.techinvest.co.uk; then press the techfund button. Techinvest Ltd is authorised by the Central Bank of Ireland under the Investment Intermediaries Act 1995. The CF Techinvest Technology Fund is authorised by the Financial Services Authority, as is its authorised corporate director Capita Financial Management Limited. The Fund is not authorised for sale to the public in the Republic of Ireland. Techinvest is the investment manager for the Fund and is separately remunerated for its services. The price of shares in the Fund can go down as well as up. 2 May 03 - Update In the hours before the start of the Initial Offer period on April 29 we were informed by Capita Financial Managers (CFM) of a problem which had just come to their attention in relation to the ISA status of the CF Techinvest Technology Fund. After several days of intensive discussions with all concerned, including legal experts in regulatory and taxation matters, it was concluded that ISA applications into the Fund could not be accepted. Non-ISA applications of course continue to be acceptable. The problem is that the Inland Revenue in the UK have not yet extended the ISA and PEP regulations to cover a new type of fund, such as the CF Techinvest Technology Fund, which has been set up to comply with rules introduced by the Financial Services Authority in late 2002. Accordingly, subscription monies received from ISA applicants are being returned. Such applicants are still free to make a non-ISA investment into the Fund. Unlike ISA applications which must be in writing, a direct investment can be made over the telephone. An amended Key Features Document and Application Form will be posted in the next few days by CFM to all who were sent the original Key Features Document. The initial offer price of the shares will remain fixed at 100p until May 19. However, the reduction in the normal Preliminary Charge from 5% to 2% will be extended beyond the initial offer period until the end of May 2003. CFM are currently awaiting, and anticipate, a change in legislation by the Inland Revenue allowing ISA investments into new funds. Those who have already sent in an ISA application are being offered the choice of making a non-ISA investment now; CFM are offering such applicants the facility to switch up to £7000 of shares in the CF Techinvest Technology Fund into the ISA at no charge when it becomes available. However, if at the time of switch the value of the shares has increased above the £7000 limit, the amount allowable by the Inland Revenue regulations for transfer will still only be £7000. When the confirmation of legislative change has been received such applicants will be contacted by CFM in writing, enclosing both an ISA application form and PEP-ISA transfer form. CFM are writing to all such applicants to apologise for any inconvienence this situation has caused and go on to say "Capita Financial Managers wish to make it clear that this is in no way the responsibility of Techinvest, the Investment Adviser to the Fund". If you wish to discuss the position further please call CFM’s Investor Services team on 020 7556 8800. If you wish to place an order please telephone their dealing line on 08459 220044. 23 Apr 03 - Update We are pleased to announce that Anne Mc Ivor has agreed to join Techinvest to boost our research capability and to assist in the running and management of the CF Techinvest Technology Fund. Anne has a BSSc in Sociology and Politics from Queens University, Belfast and a MSc. (Econ) in Development Management from the London School of Economics. She has spent the best part of 17 years in the City, most of the time as an Investment Analyst, with a focus on European equities, at several well-known stockbrokers . In more recent times, Anne’s focus has been on smaller companies, most with a strong technology flavour, and as a contributor to investment publications, both hard copy and on line. 14 Apr 03 - Update Launch date for the fund has been set for Tuesday April 29. This will be followed by a 21 day initial offer period when the price will be held fixed at 100p per share. On top of that there will be a Preliminary Charge of 2%, reduced for the period from the normal 5%. Just before this, we plan to mail to all subscribers a copy of the Key Features Document which will contain a summary of the fund details and full information, including an application form, on how to subscribe to the fund. ISA and savings plan information will also be included. The Key Features Document will also be available online. The minimum lump sum invested is £1000. All payments must be in sterling and made out to Capita Financial Managers Ltd, whose address in 88 Borough High Street, London SE1 1ST. After the close of the initial offer period, the fund will be valued weekly. The price will be determined by the value of the underlying assets and will be published daily in the Financial Times. Investors should therefore note that this price can go down as well as up. 8 Apr 03 - Update We are pleased to announce the appointment of Keith Woolcock as consultant to the CF Techinvest Technology Fund. Keith has over 20 years experience in the technology sector, both as a press commentator and as an analyst with several stockbrokers. Most recently, he was head of the Technology research team in the London offices of leading Japanese investment bank Nomura. Keith is well known in the media and amongst fund managers for his robust incisive views and is highly respected for his prescience in identifying core trends and emerging themes in the communications and computer sectors and their impact on companies. We have known Keith for almost 20 years and are delighted to have secured his services for the benefit of the fund. 2 Apr 03 - Update We have just been informed by the fund operator, Capita Financial Managers, that authorisation has been received for the fund which has been titled CF Techinvest Technology Fund. This means that the last major regulatory hurdle has now been cleared. We have therefore initiated the process of completing the offer documentation with a view to launching the fund by the end of April. We anticipate this will be followed by an initial offer period of up to 21 days when the price will be held, which it is intended will include a reduction from 5% to 2% in the Preliminary Charge. It is our intention to send each subscriber by post a copy of the relevant offer material. Please continue to monitor this site for further information as we approach the start of the offer period. 4 Mar 03 - Proposed Techinvest Investment Fund In conjunction with Capita Financial Manager (CFM), Techinvest is planning shortly to launch a UK authorised collective investment fund for the smaller investor. CFM is planned to be the authorised operator for the new fund and, Techinvest, through a formal investment management agreement, is planned to provide investment management and advisory services to the fund. It is intended that the fund will only invest in the technology sector. The majority of the stocks held would be quoted in London. However, around 25% of the fund value would normally be in stocks traded elsewhere, primarily North America. It is intended that the objective of the fund will be to achieve capital growth, holding stocks for the longer term; though there will be sufficient flexibility to take advantage of short term price movements caused by unexpected news or market events. Further, it is planned that any dividend or interest income received by the fund will be credited to the value of the fund, rather than distributed to shareholders. It is not planned that the fund will make any attempt to duplicate the Trader Portfolio, details of which are published in each issue of the newsletter, though there is likely to be some overlap of holdings. However, the nature and relative sizes of the two mean that what is likely to be suitable for one may not necessarily be suitable for the other. The fund, which has been provisionally titled "CF Techinvest Technology Fund", is intended to be an open-ended investment company (OEIC) with variable capital and to be established pursuant to an authorisation order of the Financial Services Authority in the UK. The intended benchmark is likely to be the FTSE techMARK All-Share index. An OEIC is a particular type of company which invests in securities and was created to take advantage of the UCITS directive common passport for Collective Investment Schemes. UCITS stands for Undertaking for Collective Investment in Transferable Securities. The term comes from a European Community Directive issued in 1985 which deals with the establishment of a Europe-wide market in units trusts. An OEIC has an open ended capital structure in that its capital can be increased and decreased by issuing and redeeming shares, thereby giving it the same flexibility as a unit trust. One key difference from a unit trust is that an OEIC has a single price based on net asset value but at a mid-market price, rather that the separate bid and offer prices of a unit trust. An OEIC has an Authorised Corporate Director (ACD) who is responsible for operating the company in accordance with the regulations and with the OEIC's instrument of incorporation. It must also have a depository who is responsible for the safe-keeping of the scheme's property and ensuring that the regulations are compiled with. The roles of the ACD and depository are therefore similar to those of the operator and trustee respectively of an authorised unit trust, and like them they must be independent of each other. The regulations which apply to OEICs are closely based upon those for authorised unit trusts and provide an equivalent level of protection. The ACD to the CF Techinvest Technology Fund is intended to be London-based Capita Financial Managers (CFM) whose ultimate holding company is The Capita Group, one of the UK's largest companies and a member of the FTSE 100 index. CFM is currently ACD to over 40 OEICs and is also manager of over 40 unit trusts. All its funds are operated in partnership with specialist investment organisations to which it delegates responsibility for the selection for the funds' assets. It is planned that CFM will provide all back-office services for the fund, including the weekly valuation which will he published daily in the Financial Times, and for it also to be responsible for all administrative matters concerning investors, including the processing of orders. CFM intends to have a dedicated team processing ISA (Individual Savings Account) and Saving Plan applications and to issue twice yearly plan statements informing investors of plan value and transactions over the period. CFM also intends to appoint The Bank of New York Trust and Depository Company, a subsidiary of the Bank of New York, as the Depositary to provide a comprehensive range of trustee and custody services to the fund. Upon launch a fund prospectus will be available and all applications to the fund will be strictly on the basis of the fund prospectus. It is intended to provide updates on this site of further progress towards the launch of the fund. The CF Techinvest Technology Fund is not registered for sale in the Republic of Ireland. We have initiated steps to have it so registered as soon as possible but have no certainty as to when this will happen. -
The price of shares can go down as well as up. The past is not necessarily a guide to future performance. Techinvest is authorised by the Financial Regulator in Ireland.