January 21, 2008 / 4:35 PM / 10 years ago

France's Carmignac Gestion to close tech fund

PARIS, Jan 21 (Reuters) - Carmignac Gestion, a middle-sized French investment fund, is closing its 60-million-euro ($86.87 million) technology fund due to lack of new subscribers as investors entered 2008 more risk averse than they were a year ago.

“People still have an enormous hang-up over what happened in 2002,” fund manager Rajesh Varma told reporters at a briefing, referring to a slump in technology stocks in 2002.

Technology stocks are generally regarded as more volatile than those in other sectors and come high on the sell-list of risk-averse investors in times of uncertainty and market turbulence.

The Carmignac Infotech fund is due to close on March 31. The value of the fund has risen by around 49 percent over the last five years, Carmignac said in a presentation on Monday.

Varma said investors in the Carmignac Infotech fund could redeem their investments following the fund’s closure.

They could also move their money to the Carmignac Innovation fund, which manages around 120 million euros worth of assets and focuses on areas such as alternative energy, water, biopharmaceuticals and technology. (Reporting by Sudip Kar-Gupta; Editing by Paul Bolding)

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