Early AI bets are helping a global tech fund outperform a second year

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Early AI bets are helping a global tech fund outperform a second year

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, which account for 12% and about 10% of the portfolio, respectively. The pair are the fund’s second and third largest holdings, behind Nvidia. Rizzo highlighted

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’s enterprise software leadership and Apple’s consumer dominance. Together, both stocks also lend stability to the portfolio and trade at reasonable valuations with compound earnings growth potential, he added. For Apple, Rizzo touted healthy growth in the company’s services business and smartphone growth in emerging markets as potential catalysts for the stock. More critical still is Apple’s AI vision, which the MBA from the University of Chicago Booth School of Business expects to fuel a smartphone upgrade cycle. Apple unveiled its long-awaited AI plan at its Worldwide Developers Conference this week, calling it Apple Intelligence . Features include upgrades to the Siri digital assistant that integrate ChatGPT.

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, Rizzo highlighted the company’s partnership with OpenAI that strengthens its AI prospects as well as the unique position of its Azure cloud computing business. Rizzo also views software holdings such as SAP and ServiceNow as next-stage beneficiaries of AI tailwinds, and well positioned to benefit from the data needed for AI. “We had the right framework, and the right investing style for this type of market,” Rizzo said. “I hope that the investment framework will prove itself to continue to work, regardless of the market environment.” The fund has a $2,500 minimum investment, charges a 0.94% net expense ratio and is rated two stars by Morningstar, which said in a report late last year that the Global Technology Fund is “off to a good start” and “has some promise but has much to prove” after the revamp that brought Rizzo onboard in 2022.

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Breaking News: Technology,ServiceNow Inc,SAP SE,

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,Analog Devices Inc,ASML Holding NV,NVIDIA Corp,Advanced Micro Devices Inc,Taiwan Semiconductor Manufacturing Co Ltd,Stock markets,Investment strategy,Technology,T. Rowe Price Global Technology Fund,S&P 500 Index,NASDAQ Composite,business news
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