Just got this in an emailGlobal investors eye ASX tech darlings
May 15, 2019 — 4.40pmGlobal fund managers are eyeing off the local tech sector as investors, rattled by trade war concerns, get out of the major US technology names.
The May market downturn linked to escalating tensions between the United States and Chinaweakened tech shares in Europe and on Wall Street, but Australian technology stocks have held onto their valuations and remained largely immune.
Australia's so-calledWAAAX stocks– Wisetech Global, Afterpay Touch, Altium, Appen and Xero – have been among the best performing names on the local market this year. Other WAAAX proxies are entering the same orbit, such as the drone-based surveyorNearmap whose entryinto the benchmark index has cemented its $1.6 billion market capitalisation.
Global fund managers are eyeing off the local tech sector as investors, rattled by trade war concerns, get out of the major US technology names.
The May market downturn linked to escalating tensions between the United States and Chinaweakened tech shares in Europe and on Wall Street, but Australian technology stocks have held onto their valuations and remained largely immune.
Australia's so-calledWAAAX stocks– Wisetech Global, Afterpay Touch, Altium, Appen and Xero – have been among the best performing names on the local market this year. Other WAAAX proxies are entering the same orbit, such as the drone-based surveyorNearmap whose entryinto the benchmark index has cemented its $1.6 billion market capitalisation...
“There’s a lot of momentum in the Australian tech names and we’re seeing flows coming from offshore buying the high-quality Aussie and New Zealand tech companies,” said Ophir Asset Management senior portfolio manager Andrew Mitchell.
All of it:
https://www.copyright link/markets/equity-markets/global-investors-eye-asx-tech-darlings-20190515-p51nfr
