Technology stocks still relatively cheap, says Henderson

Singapore

TECHNOLOGY stocks are still cheap relative to past numbers, said Richard Clode, a portfolio manager with Henderson Global Investors, one of the largest technology fund managers in Europe.

Looking ahead, tech continues to gain prominence in the global economy even as it also garnered the lion's share of earnings in global stocks over the last 10 years, he said in an interview with The Business Times on Monday.

"If you have to be in equities, the relative valuation argument still very much holds," he said. "If you think that overall, equities are expensive, you'd rather be in something else, we can certainly understand that argument."

Mr Clode, who co-manages US$2.8 billion of assets in technology strategies including the US$2 billion Henderson Global Technology Fund, pointed out that while tech stocks trade at a premium to global sto…