Kimberley A.Sarajian
Vice Chairman - Boston
Wellington Management Company Llp

Technology has entered a new phase, and is gearing up for a major revolution.
Although this new era will generate fresh opportunities for growth, investors appear to be showing little interest in the sector at present.

Kimberly Sarajian stresses that technology accounted for 24% of the total stock market capitalisation of the MSCI World Index in March 2000, but only 11% in September 2005.
The past century has brought rapid progress in all areas. A prime example is the development of the automobile sector, which has seen the widespread adoption of new standards every ten years or so.

Inventions such as the computer are now experiencing flat growth, whereas the mobile phone, leisure, VoIP, industrial and toy sectors are set for exponential growth in the next seven or eight years.

Sun's capitalisation, for example, has fallen dramatically over the past five years, while Google, on the other hand, has seen its capitalisation increase steeply since its IPO eighteen months ago.

There are a variety of new growth segments in the technology sector, including:
- Nanotechnology: biocomputers, nonolithography and microscopic scanners
- IA: voice recognition, data mining and video games
- Robotics: medical instruments, GPS, security systems and quality control
- Material sciences: Construction and data communication
- Electronics: flash cards, networked homes and flexible LCD screens.