Christopher Devlin, founder and chief investment officer of Selective Wealth Management, put together the best-performing fund of the first quarter. However, he did not mean it for the fund to be so tech-heavy.
"That was not part of the overall plan," said Devlin, who created the fund in January of last year. "As we analyze the investing landscape, we try to look for businesses that can grow earnings over the next five-to-10 years. We found a lot of those companies were in tech."
"We weren't trying to ride the tech wave here," Devlin said.
The fund's high exposure to tech paid off, nonetheless. The Selective Opportunity Foundation fund (SLCTX) returned 14.39 percent to investors in the first quarter, the highest among funds tracked by Morningstar. It is made up of 10 stocks, eight of which are in the technology sector.