UniSuper hired RCM to manage more than A$200 million (US$207 million) in global technology stocks as it searches for alpha in equity markets worldwide.
The A$25 billion Melbourne, Australia-based industry fund was also close to signing a further mandate with a manager focused on global small-cap IT stocks, confirmed head of equities Simon Hudson.
The RCM mandate followed the fund’s allocation of A$300 million to a T. Rowe Price global technology fund in February. Both are global, broad-cap equity mandates but will inevitably favor leading U.S. technology industries.
“The industry is obviously dominated by the U.S., but increasingly there is more innovation in Asia, which is also becoming a large and competitive consumer market,” Mr. Hudson said.
Last year, after indexing the bulk of its $5 billion global equities portfolio, UniSuper identified global technology as an area of active management that could complement this large passive core.
Simon Mumme is editor of Investment magazine, Sydney.
