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One technology-focused mutual fund could be a great source of yield for investors looking for funds with long track records of beating the broader market.
The T. Rowe Price Global Technology Fund is the best performing mutual fund of the past decade, returning 20.5% annually over the past 10 years, according to Morningstar.
The 46 stock fund has returned more than 12% this year, while the broader market has spiraled due to the economic fallout from the coronavirus.
The fund was run by T. Rowe Price's Josh Spencer until May of 2019, when Alan Tu took the helm. Tu was an investment analyst following software companies in the technology sector prior to joining T. Rowe Price.
The fund "invests primarily in companies we expect to generate a majority of revenue from development, advancement, and user of technology," T. Rowe Price said on the fund's webpage.
The T. Rowe Price Global Technology Fund — which trades on the Nasdaq under ticker PRGTX — beats out the Fidelity Select Software & IT Services Portfolio and the Morgan Stanley Insight Fund based on average annual performance of the last decade. The fund manages about $4.8 billion in assets and has an expense ratio of 0.91%.
Take a look at the T. Rowe Price Global Technology Fund's top ten holdings.