Bowmore Asset Management research shows that the outperformance of tech stocks in the UK has been less pronounced than in the United States, where the NASDAQ 100 technology index has risen 42% vs 18% for the S&P 500. US tech stocks have therefore outperformed their broader domestic market by 24% vs UK tech outperforming the wider UK market by 18%.
The US listed tech sector contains some of the biggest winners from the pandemic including tech giants Amazon, Apple, Netflix and DocuSign, the online signature platform, which has seen its share price more than treble in 12 months. However, Bowmore Asset Management says that some US tech stocks are now suffering from overstretched valuations.
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