Tech managers deliver results but must watch investors' mood swings


,It has been a tough year for hedge funds in the technology sector, a high beta sector with a strong correlation to the broader equity market, without the volatility on which the hedge fund industry thrives.

After the highs of 2003, many tech stocks have had a disappointing performance in 2004, despite the successes of individual stocks such as Google and eBay, and sub-sectors voice over internet protocol (VOIP) and educational software.

Semi conductors, which Georgios Bourtzos, principal and

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