Technology was a "stand-out" area the team has been focusing on, he said, looking particularly at those companies such as Microsoft who are migrating more towards The Cloud.
Not only would this reduce their cost of doing business, which would enhance profitability, but they could also pass cost savings onto their customers - a "win-win situation", he said.
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This was completely the opposite to the traditional, mature, less nimble sectors such as consumer staples.
Mr Cliquet said: "This sector trades on historically high multiples; as a result, the risk-return trade off to us is tilted towards the downside and so we have zero exposure to this sector."
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