Funds in Refinitiv Lipper’s Science & Technology (tech sector) classification (including both mutual funds and ETFs) suffered net outflows of $1.3 billion for the fund-flows week ended Wednesday, September 23. This was the tech sector fund group’s fifth largest one-week net outflow in its history (Refinitiv Lipper began tracking fund flows data in 1992). As could be expected from this peer group, its performance (both from a fund flows and total return perspective) has mirrored that of the technology-heavy NASDAQ Composite Index.
Similar to the majority of fund asset groups, tech sector funds were hit hard when the impact of COVID-19 took hold near the end of the first quarter. The group closed Q1 with four straight weekly net outflows that reduced their coffers by $1.8 billion. The peer group’s performance followed suit as it retreated 11.1% in March, which was slightly worse than the NASDAQ Composite which finished the