JDSU-WIND--DJ Guinness Flight Wired Index Fund Makes Stock Changes
05/01/2000
Dow Jones News Services
(Copyright ¸ 2000 Dow Jones & Company, Inc.)
NEW YORK (Dow Jones)--Investec Guinness Flight, the fund adviser to Guinness Flight Investment Funds, said it would change the stock composition of the Wired Index Fund in tandem with changes made by Wired magazine editors.
Wired magazine editors, developed and maintain the Wired Index (WIRX), an annual collection of 40 companies in a spectrum of categories that represent the so-called New Economy.
In the most dramatic change, Dell Computer Corp. (DELL) was dropped from the ranks because its "core product now represents a increasingly narrow swath of the global computing fabric," Investec said in a press release on Monday.
Six other companies have been removed from the index: Pharmacia Corp. (PHA), Peoplesoft Inc. (PSFT), Cable & Wireless PLC (CWP), Wind River Systems Inc. (WIND), Thermo Electron Corp. (TMO) and Acxiom Corp. (ACXM), companies which could not keep up with the pace of market growth or competition, the release said.
The change in the Wired Index is the first since the index was launched in June 1998. The $200 million Guinness Flight Wired Index Fund was launched on December 15, 1998. In 1999, it had a total return of 68.7%, the release said.
Companies added to the list include Aventis Co. S.A. (AVE), BroadVision Inc. (BVSN), Flextronics International Ltd. (FLEX), i2 Technologies Inc. (ITWO), JDS Uniphase Corp. (JDSU), Oracle Corp. (ORCL) and Vodafone AirTouch PLC (VOD).
Investec Guinness Flight is a unit of Investec Group Ltd., an independent international investment group based in South Africa.
-By Mara Der Hovanesian, Dow Jones Newswires;
201-938-2129; mara.derhovanesian@dowjones.com
(END) DOW JONES NEWS 05-01-00 |
