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Politics : Formerly About Applied Materials
AMAT 223.95+1.7%3:59 PM EST
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To: Proud_Infidel who wrote (19566)5/19/1998 6:05:00 PM
From: Justa Werkenstiff  Read Replies (1) of 70976
 
Brian: Well since we are on the topic of institutional buy/sell habits in this sector, review this quote from Andrew Kaplan, Portfolio Manager for Fidelity Select Electronics:

Re his biggest disappointment for the last 12 months:

"The inability to liquidate many of the fund's holdings in semiconductor capital equipment companies when conditions began to change in September. As I said, this group of stocks was hardest hit by the Asian downturn. I did begin reducing the fund's positions in these stocks in the summer, but many of them had poor liquidity -- or relatively few shares outstanding -- and were difficult to buy and sell."

Now what did he hold in August, 1997? Try those low liquidity names like LRCX, AMAT, KLAC and NVLS. Give me a break. Assuming he is being entirely truthful, he must have gotten sucked into some lower cap names in the interim between reports. But there is one lesson to be learned. When the big boys come back to buy, they will be coming to buy the big caps at least at first. The reports for each one of the three funds for the two time periods clearly shows this. They only carried LRCX, NVLS, KLAC, TER and AMAT. One had some SVGI in one report. All others need not apply.
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