Technology Sector Note: Build and Bye

M&A is the product of the dramatically changing technology landscape and a key driver of UK-listed tech company performance. There are plenty of opportunities to continue to capitalise on the developing strategic value of companies in the sector and M&A upside risks remain. However, the one-way traffic as companies exit the market without being replaced is a cause for concern, reducing UK fund managers’ exposure to mega-trends and revealing a broken capital cycle.

In this sector note, the structural drivers of M&A are highlighted, along with the strategic value shifts under way in many UK listed companies and key recommendations.

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