Magellan bets on the rise of the machines

Magellan CEO Hamish Douglass was wrong about bonds but believes his investments in major tech companies will pay off. Jessica Hromas Magellan’s chief Hamish Douglass is backing the world’s largest technology companies to capture the value and avoid the disruption of the artificial intelligence revolution that he believes will reshape the investing landscape. In his annual letter to investors Mr Douglass, who founded the $40 billion global equities manager, reported a flat return for the year for its equities funds which were weighed down by the shock Brexit vote and an incorrect call in US bond rates. The fund’s largest holdings – Alphabet, Microsoft, Apple and Visa – are his top picks to benefit from the machine revolution. Douglass believes it will transform healthcare and manufacturing but also threatens white collar jobs and could destroy the value…

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