Ian Warmerdam
Henderson Global Technology Fund
In hindsight, starting a tech fund in 2001 as Internet companies were imploding may not seem like the best idea, but Warmerdam and co-manager Stuart O'Gorman have posted an annualized gain of 7.5% over the past nine years.
They've done it by sniffing out fairly valued tech companies that offer long-term growth. Few fit that description better than CTrip.com, Warmerdam says. CTrip is the Chinese equivalent of Expedia or Orbitz, offering online purchase of flights and hotel rooms within the world's most populous nation.
The difference, Warmerdam explains, is that while 50% of U.S. trips are now booked online, less than 2% of flights and hotels are booked online in China. "That's a huge tailwind for CTrip, and we fully expect China to achieve the same penetration over time as the U.S.," he says.
--M.C.
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