SINGAPORE (Nov 12): In the last few years, anyone who had invested in global technology stocks was likely to have earned a handsome return — usually better than that of other sectors. The sterling performance of these stocks has enabled funds that invest in them to perform well too.

Yet, over a three-year period, many of the 16 Singapore-registered technology-focused funds have underperformed their respective benchmarks. Although all the funds have generated positive returns, they fall below 20%, according to Morningstar data. This compares to the MSCI ACWI Information Technology index, which returned 56.4%. The index comprises large- and mid-cap technology stocks across 23 developed markets and 24 emerging markets.

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