Global Technology: We currently prefer non-mega-cap technology globally.  US Technology stocks trade at close to a market multiple, despite the fact that they are forecasted to grow earnings at a faster rate.  In our view, the key positioning strategy in technology is to avoid the mega-caps.  Mega-caps tend to have the least growth and can often carry the greatest expectations.  We prefer an equal-weighted basket of tech stocks.

David Fuller's view

Charles Elliott also favoured smaller-cap technology companies for their better valuations and often faster growth, in his excellent presentation at The Markets Now recently. 

I will add that fashionable mega-cap technology firms are often pushed higher by Exchange Traded Funds and market momentum programmes.  That can be impressive but it is risky for people to chase the strong rallies, which shed gains quickly in the next correction.