Dow Jones Newswires -- September 17, 1999
DJ T. Rowe's Morris Takes Positions In Tech Market Leaders
By Scott Adams
TORONTO (Dow Jones)--What do you do when technology stocks are at or near their all-time highs?
You buy highly liquid market leaders, said Chip Morris, fund manager with T. Rowe Price & Associates Inc. The market leaders will best be able to manage any market downturn and the high liquidity will allow for quick selling if necessary.
Morris runs T. Rowe's US$6.9 billion Science & Technology Fund, as well as the C$360 million Green Line Science and Technology Fund. The latter is run by Toronto Dominion Bank (TD). Morris' funds have a five-year annual compound return of about 33%.
In an interview, Morris said he has moved most of his money into big technology leaders, such as Intel Corp. (INTC), Cisco Systems Inc. (CSCO), Sun Microsystems Inc. (SUNW), Microsoft Corp. (MSFT), MCI Worldcom Inc. (WCOM) and Vodafone Airtouch plc (VOD).
About half of Morris' portfolio is in about 15 stocks, while he usually holds about 65 stocks. Other big holdings include Nokia Corp. (NOK), Oracle Corp. (ORCL), Texas Instruments Inc. (TXN), Solectron Corp. (SLR), Analog Devices Inc. (ADI) and Hewlett-Packard Co. (HWP). His cash position is usually 2%-4% of the fund....
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