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Alternative Market Briefing

Hunting long-term value in TMT

Thursday, May 31, 2018

Bailey McCann, Opalesque New York:

Tech investors have been laser focused on the momentum around FAANG stocks lately, but one fund manager argues that the real long-term value opportunity in tech can be found by focusing on the sector as a whole not just FAANG.

"There is always a diverse opportunity set within TMT," says Will Graves, founder and CIO at Boardman Bay Capital Management. Boardman Bay's flagship strategy invests broadly in the technology. The firm also has two sub-sector focused funds - the SaaS Opportunity fund which invests in software-as-a-service companies, and the Optical Opportunities fund which invests in optical technology companies. Optical Opportunities just opened to outside money in January.

According to Graves, he launched the two sub-sector funds to capitalize on specific growth areas he sees in tech. "When we started the SaaS fund, the sector was on the floor. WorkDay, for example, was still a relatively small company and trading at a historical discount due to a subsector dislocation. Now we've seen the sector reflate back to historical valuation levels as our thesis continues to play out. We expect that a similar thing will happen with the optical fund where we see discounted stocks with a strong runway for growth in that unique subsector," he says.

The SaaS fund is up 22.58% YTD through April, according to performance data obtained by Opalesque.

Graves would know. Before launching Boardman Bay, he......................

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